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alcoa inc (AA) Key Developments

Alcoa Inc.(NYSE:AA.PRB) added to S&P Preferred Stock Index

Alcoa Inc.(NYSE:AA.PRB) added to S&P Preferred Stock Index

Alcoa Inc. Reports Earnings and Production Results for the Third Quarter of 2014; Provides Production and Earnings Guidance for the Full Year of 2014

Alcoa Inc. reported earnings and production results for the third quarter of 2014. For the quarter, the company reported revenue increased over $400 million on a sequential-quarter basis versus third quarter last year. Revenue increased nearly $475 million on higher sales in mid- and downstream businesses, higher realized metal prices and favorable energy sales. Net gain of $0.12 per share. Excluding special items, net income of $0.31 per share, $0.13 higher than the second quarter and nearly triple adjusted earnings from third quarter last year. Included in net income is an after net tax charge of $221 million or $0.19 per share, primarily for restructuring. Cash from operations totaled $249 million for the quarter, leading to negative free cash flow of $34 million. Capital expenditure was $283 million against $250 million a year ago. Net debt as on September 30, 2014 was $5,716 million against $6,872 million as on June 30, 2014. For the quarter, the company reported productivity of $862 million across all segments year over year. For the year, the company continues to target positive free cash flow. In 2014, productivity is expected to exceed $1 billion.

Alcoa Introduces Single-Piece Forged Aluminum Hull for Combat Vehicles to Improve Troop Protection

Alcoa has produced single-piece forged aluminum hull for combat vehicles to improve troop protection as part of a joint Alcoa-US Army initiative launched last year. Announced in Washington, DC at the Association of the US Army Annual Meeting--the large landpower expo in North America--Alcoa manufactured the single-piece part, which was co-designed by Alcoa and the US Army Research Laboratory, with the goal of replacing assembled hulls. Alcoa has manufactured the large single-piece forged aluminum hull for combat vehicles, such as those shown here, to improve troop protection as part of a joint Alcoa-US Army initiative. Based on early modeling and simulation, single-piece underbody structures could provide two times better protection against blasts--such as those caused by Improvised Explosive Devices (IEDs)--than traditional hulls, primarily by eliminating welded seams. In addition to survivability benefits, single-piece hulls can be optimized to reduce vehicle weight and assembly time, and, therefore, overall cost.

Alcoa Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014

Alcoa Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company has posted sales of $6,239 million against $5,765 million a year ago. Income before income tax was $330 million against $75 million a year ago. Net income was $131 million against $44 million a year ago. Net income attributable to company was $149 million against $24 million a year ago. Diluted per share was $0.12 against $0.02 a year ago. Adjusted EBITDA was $1,035 million against $675 million a year ago. For the nine months, the company has posted sales of $17,529 million against $17,447 million a year ago. Income before income tax was $263 million against $182 million a year ago. Net income was $63 million against $66 million a year ago. Net income attributable to company was $109 million against $54 million a year ago. Diluted per share was $0.09 against $0.05 a year ago. Cash provided from operations was $216 million against $658 million a year ago. Capital expenditures were $750 million against $771 million a year ago.

Alcoa Opens Aluminum-Lithium Aerospace Plant in Lafayette, Indiana

Alcoa opened an aluminum-lithium plant in Lafayette, Indiana where it produces advanced, third-generation aluminum-lithium alloys for the aerospace industry. To keep pace with demand, the company has expanded its aluminum-lithium capabilities at the Alcoa Technical Center outside Pittsburgh, at its Kitts Green facility in the United Kingdom, and in Lafayette.

 

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