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.