Alcoa Earnings Beat Consensus By $0.02, Revenues Miss Expectations By $100 Million, Stock Opens Down 1% After Hours
- EPS reports adjusted $0.21 on expectation of $0.19
- Revenues of $5.65 billion miss expectations of $5.75 billion.
- Sees global aluminium growth rate 12% for 2011
- Sees global aluminium demand doubling by 2020
- Q4 Adjusted EBITDA of $782 million, 13.8% margin
- Q4 CapEx: $365 million
- Cash on hand of USD 1.5bln at quarter end
- Improved earnings were driven by higher pricing and continued strengthening in most markets and improved productivity
- Quarterly results were offset somewhat by a weaker USD and higher energy and raw material costs
- CEO says expects Chinese demand to slow.
- Of the 4 segments (Alumina, Primary Metals, Flat-Rolled Products, Engineered Products and Solutions), only Primary Metals posted a sequential increase in ATOI in Q4. The reason: "Improved LME prices,
volume and productivity were partially offset by unfavorable currency
and cost increases in energy and carbon product prices. Primary
production for the quarter increased to 913,000 metric tons, with
buy/resell activity totaling 70,000 metric tons. The Avilés smelter
returned to full production this quarter. Adjusted EBITDA per ton
improved to $436 in the quarter, better than the ten-year historical
Full press release.
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