Alcoa Fastening Systems (AFS), a unit of
), has announced that it has signed a strategic agreement with
Chinese passenger aircraft manufacturer Commercial Aircraft of
China Ltd. (COMAC).
The agreement will strengthen Alcoa's presence in China, the
world's fastest growing aerospace markets, and also deepen its
existing relationship with COMAC. AFS will provide technical
assistance in fastener and assembly tooling selection, joint
design consideration and quality system management to COMAC for
development and production of its commercial C919 aircraft. COMAC
will purchase a significant portion of its fasteners from AFS for
the initial production of the C919 aircraft.
Alcoa Fastening Systems serves the global aerospace,
automotive and commercial transportation markets with the most
specialized engineering, highest quality, and the greatest
breadth and depth of fastening system solutions in the industry.
Alcoa released its fourth-quarter 2012 results on Jan 8. The
company swung to profit in the quarter, buoyed by one-time gains.
It posted a profit (from continuing operation) of $242 million or
21 cents per share in the fourth quarter compared with a loss of
$193 million or 18 cents a share reported in the year-ago
quarter. The results were boosted by a gain of $178 million ($161
million post-tax) associated with a hydroelectric project asset
Excluding one-time special items, Alcoa earned $64 million or
6 cents a share in the quarter, in line with the Zacks Consensus
Estimate. The company's midstream and downstream businesses
delivered profits and its cost-cutting measures also supported
Revenues decreased 1.5% year over year to $5,898 million in
the fourth quarter, but were ahead of the Zacks Consensus
Estimate of $5,579 million.
Alcoa expects global aluminum demand to grow 7% in 2013, up
from 6% in 2012. It currently retains a short-term Zacks Rank #3
ALCOA INC (AA): Free Stock Analysis Report
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Other companies in the mining industry with favorable Zacks Ranks
Aluminum Corporation Of China Limited
Atlatsa Resources Corporation
BHP Biliton Plc.
) with all of them carring a Zacks Rank #2 (Buy).