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ALCOA EARNINGS BEAT EXPECTATIONS

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ALCOA EARNINGS BEAT EXPECTATIONS

Jan 13 2015, 9.58am GMT

STOCK.com

Aluminium giant Alcoa reported strong earnings for fourth quarter and 2014 full year results.

Share price for Alcoa rose to a high 16.37 to close the day on 16.14.

Net income for the quarter ending in December 2014 returned a positive figure of $159 million against a loss of $2.3 billion in the same period of the previous year, whilst share price was set at 11 cents per share as opposed to $2.19 last year. Revenue was $6.4 billion as opposed to Thomson Reuters projection of quarterly earnings delivering per share of 29 cents on $6.04 billion in revenue.

The transformations mentioned in the report include strengthening the Alcoa aerospace portfolio in a period when this industry is flourishing on low oil prices; unveiling a next-generation aluminum sheet; and committing to the Ma’aden-Alcoa joint venture which produced the first alumina from Saudi Arabian bauxite. Cuts also aided the year-end balance sheet as the company sold three European rolling mills, completed the closure of Australian can sheet rolling mills, and sold stakes in its upstream assets of Jamalco, Jamaica and Mt. Holly, South Carolina.

Trading on the USA500 [S&P], Alcoa saw a brief 1.4% rally in shares on many record results such as:

  • Revenue of $6.4 billion, up 14 percent year-over-year;
  • Upstream business improves performance for 13th consecutive quarter;
  • Alumina after-tax operating income up more than twofold year-over-year;
  • Primary Metals adjusted EBITDA per metric ton strongest since second quarter 2008;
  • Record quarter cash from operations of $1.5 billion;
  • Free cash flow of $989 million, highest since fourth quarter 2010;
  • Alcoa projects 7% global aluminum demand growth in 2015.

In terms of full-year results, Alcoa reported positive highlights:

  • Net income of $268 million, or $0.21 per share; excluding special items, net income of $1.1 billion, or $0.92 per share, up $759 million from 2013
  • Revenue of $23.9 billion, up 4 percent from 2013
  • Strongest full-year operating results since 2008

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