Shares of Alcoa, Inc. (
) are mildly higher after-hours Tuesday following fourth quarter
results, which beat expectations on the top-line and met them on
the bottom-line. Importantly, the results from Alcoa also signify
the unofficial start of the fourth quarter earnings season.
Revenue for the quarter came in at $5.9 billion, up 1 percent
sequentially, down 2 percent from last year and versus the
consensus estimate of $5.6 billion. Sequentially, the higher fourth
quarter revenues were primarily due to improved realized pricing
for aluminum (up 5 percent).
Alcoa reported earnings in the quarter of $0.21 per share, or $0.06
ex-positive items, which was in-line with the analyst estimate of
Adjusted EBITDA in fourth quarter 2012 was $597 million, an
increase of $315 million over third quarter 2012 and an increase of
$152 million over fourth quarter 2011. Analysts at Deutsche Bank
expected adjusted EBITDA of $607 million for the quarter.
"Alcoa hit record profitability in our mid and downstream
businesses, and continued to drive efficiency in our upstream
businesses in the fourth quarter, all while cutting debt and
maintaining our cash position," said Klaus Kleinfeld, Alcoa
Chairman and Chief Executive Officer.
"We overcame volatile metal prices and global economic instability
to deliver on our targets for the fourth year in a row. We enter
2013 in a strong position to maximize profitable growth."
In 2013, Alcoa sees global aluminum demand growth of 7 percent, up
from 6 percent in 2012 and ahead of the 6.5 percent rate required
to meet the Company's forecast of a doubling in global aluminum
demand between 2010 and 2020. Aluminum demand grew 10 percent in
2011 on top of 13 percent growth in 2010.
In 2013, Alcoa projects global growth in the aerospace (9-10
percent), automotive (1-4 percent), commercial transportation (2-7
percent), packaging (2-3 percent), building and construction (4-5
percent), and industrial gas turbine (3-5 percent) markets.
For earnings history and earnings-related data on Alcoa, Inc. (
Shares of Alcoa last traded at $9.20, up 1.1 percent from the