Alcoa Earnings Summary

Tyler Durden's picture

Alcoa misses revenue, which prints at $5.96 billion: a $100 million miss to consensus. EPS in line with GAAP expectations of $0.28. EBITDA (cash flow proxy) of $955 million misses by a major $60 million. CapEx of $204MM is massively lower than consensus of $475MM (granted from one analyst): capital spending continues to be latent.

From the PR:

  • Income from continuing operations of $309 million, or $0.27 per share;
    best since second quarter 2008, up 20 percent over fourth quarter 2010
    and a $503 million turnaround compared to first quarter 2010
  • Income from continuing operations, excluding a negative impact for
    special items of $8 million, or $0.01 per share, of $0.28 per share
  • Net income of $308 million, or $0.27 per share
  • Adjusted EBITDA of $955 million, up 22 percent from fourth quarter
    2010, up 60 percent compared to first quarter 2010 and best since
    third quarter 2008
  • Record profitability in midstream and downstream businesses
  • Revenue of $6.0 billion, up 22 percent over first quarter 2010, up 5
    percent over fourth quarter 2010 and best revenue since third quarter
  • Strong end market revenue growth, led by double-digit increases in
    packaging, automotive, commercial transportation and industrial
  • Company reaffirms 2011 global aluminum demand growth projection of 12


Results out momentarily. In the meantime here is what Wall Street is looking for:

  • Revenue: $6.061 billion
  • EBITDA: $1.015 billion
  • EPS: $0.27
  • CapEx: $475MM

And the AA/Alumina curve, showing the stock is 1 standard deviation rich.

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ZeroPower's picture

AA EPS always mean pretty much zero besides a small boost or dump on futures at the time, but go figure to CNBC this is the kickoff of 'earnings season'..

SheepDog-One's picture

Check that AA P/E...73.4....Whaaaaaaaaa.....

carbonmutant's picture

It would seem that with all the tinfoil consumption around here their numbers should be up... lol

Deepskyy's picture

I use recycled, cheaper, and Alcoa has already made the money once so I can stick it to the man.


idea_hamster's picture

Aluminum -- the other white metal.

I see a grand ad campaign....

spiral_eyes's picture

aluminum used to be more expensive than gold in the 19th century...

idea_hamster's picture

True -- hence its place atop the Washington monument.

But inexpensive electricity eventually made redering elemental aluminum...well...elementary.

Dangertime's picture

Now THAT was a good comment.

John McCloy's picture

The Ponz closes green by a

Yeah this is legit.

Hephasteus's picture

Well they won't be making new aluminum for this plane now that it's found a YEAR later.

Cash_is_Trash's picture

I know, what a fucking disaster...

The Axe's picture

Chocolate bars are smaller--thus less aluminum...fuck

vast-dom's picture

Aluminum compounds Alzheimer's.

Jason T's picture

its in my arm and hammer deoderant!  Why??  Trying to poison us? won't buy that again.  

Hephasteus's picture

The metals thing has a mystery component. You also have to have a screw up in your krebs cycle to make it function as harmful. Which is what the innoculation parents finally discovered. The kids with the krebs cycle screw up got all the harmful effects of the metals in them. While kids without the kreb cycle problem it turned out it WAS perfectly safe.

lance_manion's picture

Jason, didn't you get the memo?  It's all Mitchum now.

LFMayor's picture

Robert Mitchum.  So you smell like you've been on a 3 day bender.

erik's picture

It is also in Arm & Hammer baking soda.  The #1 baking soda sold in the US and used in cooking a huge range of foods. 

side note:  the whole captcha cannot be longer than 2 characters is getting really old.  17 times __ = -578.  answer that in two characters and you get a cookie made with A&H baking soda.  

plocequ1's picture

My Macbook pro is made from Alcoa Aluminum.. Aye, She's a fine machine, A fine machine.

Cash_is_Trash's picture

'Assembled' in China.

If a Foxconn employee loses it, the mutherfucker commits 'suicide'.

Long live the Leader of the Movement

I am Jobe's picture

You must be out of your mind. They can say whatever they want and spin the news and gives the CEO to loot the cookie jar.

Yeah the Great Nation and ethical , wtf.

Pepe's picture

KK braggs about Alcoa assisted  by bartiroma sucks

dashingdwl's picture

Isn't that a $100 million miss?

Pepe's picture

AA raises and then falls obeying law of gravity. Bartiromo's fuel exhausted

plocequ1's picture

Revenues.. Picky, Picky. Who cares. The fed will take care of it with "Gringo" bucks. Rally on

Pepe's picture

in any other (civilized) country (non-existent nowadays) CNBC staff would be indicted and charged with disseminating false information.

IQ 145's picture

 hey, lighten up; they're not financial experts, they just play one on TV.

The Answer Is 42's picture

After-hours trading of AA halted. WTF?

SheepDog-One's picture

According to CNBC, theyre unable to process all the panic buying orders....

Rikki-Tikki-Tavi's picture

Very odd indeed - also odd how that 18.2 quote was placed while the stock was halted - just so the price chart could look good for bobble-vision. Surely they will release as soon as the reporting is over - tomorrow everybody will have forgotten AA. Leaves a bad taste in the mouth!

A Man without Qualities's picture

Alcoa reminds me of this rather sad looking old stripper who was the first out at a "show" I went to years ago.  You know, she really was passed it, everything hung far too low and she wouldn't arouse anyone, but nobody had the heart to say anything and she got a sympathetic applause at the end.

sabra1's picture

can you pleade send my grandma home!

sabra1's picture

can you please send my grandma home!

SheepDog-One's picture

That story of the old stripper reminds me of Maria.

ATG's picture

CNBC headlines and AA turns green on a penny beat:

"Alcoa Earnings Top Forecasts; Shares Rise"

Dangertime's picture

And now begins the correction.  I have a feeling this could get very ugly.

SheepDog-One's picture

Well Im sure the Blowhorn has appropriately spun this into a positive, priced it in, and futures can be solidly green by 7 AM.

Caviar Emptor's picture

The  "non-recovery" continues to let it's false teeth, hairpiece and shoe lifts show. 

Without combined fiscal and monetary stimulus these companies would be in the crapper.

The real economy is in a deflationary depression. The paper economy is bloating more and more every day, driving up the cost of doing business and living. We already know how this is going to end. 

Lotsa Luck!

monopoly's picture

AA not that important anymore. Still not shorting this market, but man, I really want to. Waiting for all the pieces to fall into place.

Just the yellow and silver stuff for me.

AC_Doctor's picture

Too bad they don't do tungsten.  The COMEX and LBMA could send them some serious business...


irishlink's picture

News from  Ireland, Unlike Iceland the Irish people will not get the chance in a referendum to vote wheither we can burn the bondholdewrs and it also looks like we have a lame duck Government who are just puppets and the strings are being pulled, tugged,and manipulated by our FRIENDS in Europe. We are now in reality without a Government. We will have to take a crash course in German and French!

RobotTrader's picture

Still amazed at how the PM sector is the only one that gets immediately crapped on after a nice looking breakout.

Almost a 100% success rate of slamming these stocks within 2 trading days after a breakout where you would expect follow through.

The only sectors that seem to follow though on breakouts are retailers and tech stocks.

Stocks like BIDU that break out and keep going without ever looking back.

SheepDog-One's picture

Youre amazed the FED loves their pet stocks and hates PM's? Then youre an idiot. No seriously.

Hedgetard55's picture

The stupid MOFOs are merely compressing the spring even more.

chinaguy's picture
Bloomberg: Alcoa Profit Tops Analyst Estimates as Aluminum Price Gains

Alcoa Inc. (AA), the largest U.S. aluminum producer, reported first-quarter profit that beat analysts’ estimates after prices rose for the lightweight metal.

Net income of $308 million, or 27 cents a share, compares with a loss of $201 million, or 20 cents, a year earlier, New York-based Alcoa said today in a statement. Earnings excluding restructuring costs and other one-time items were 28 cents a share, topping the 27-cent average estimate of 14 analysts surveyed by Bloomberg. Sales increased 22 percent to $5.96 billion.

The adjusted profit is the biggest since the company earned 37 cents a share in the third quarter of 2008, when commodity prices tumbled amid the global financial crisis. Aluminum prices have advanced in the past year in London because of improving demand for the metal, which is used in construction, autos and beverage cans

SheepDog-One's picture

Well its down well over that .37 cents a share they earned after hours.

A Man without Qualities's picture

I think there were some pretty high whisper numbers, so make no mistake, this is a bad miss...