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Alcoa Reports First Quarter 2016 Results All Future Arconic Segments Deliver Year-Over-Year Profit Growth Alumina and Primary Metals Segments Profitable Despite Lower Pricing On Track to Separate in Second Half of 2016 1Q 2016 Consolidated Highlights •

Net income of $16 million, or $0.00 per share; excluding special items, net income of $108 million, or $0.07 per share • Revenue of $4.9 billion, down 15 percent year-over-year, reflects: o 5.7 percent revenue increase related to acquisitions and organic growth, more than offset by a 20.7 percent revenue decline primarily from continued low alumina and aluminum prices, foreign exchange impacts and divested, curtailed or closed operations

• Asset sale resulting in gross proceeds of $234 million to strengthen balance sheet • $1.4 billion cash on hand • Strong productivity gains of $364 million, year-over-year, across all segments 1Q 2016 Arconic Segments (Value-Add) Overview • Revenue of $3.3 billion, down 2.2 percent year-over-year, reflects: o 6.7 percent revenue increase predominantly related to acquisitions, offset by 8.3 percent revenue decline from metal and foreign exchange impacts and 0.6 percent revenue decline from divested or closed operations

• After-tax operating income of $269 million, up 8 percent year-over-year, adjusted EBITDA of $537 million, up 7 percent year-over-year, and record adjusted EBITDA margin of 16.4 percent o Global Rolled Products (GRP): $68 million after-tax operating income, up 26 percent year-over-year and adjusted EBITDA per metric ton of $374, up 8 percent from year-ago due to strong cost control; automotive sheet shipment growth up 38 percent year-over-year o

Engineered Products and Solutions (EPS): Record first quarter revenue of $1.4 billion, record first quarter after-tax operating income of $162 million, up 4 percent year-over-year and adjusted EBITDA margin of 21.0 percent; aerospace sales up 14 percent year-over-year o

Transportation and Construction Solutions (TCS): $39 million after-tax operating income, up 3 percent year-over-year and record first quarter adjusted EBITDA margin of 14.9 percent • Supply agreement for 3D-printed titanium fuselage and engine pylon parts to Airbus • Signed multi-year contract valued at approximately $1 billion to deliver advanced industrial gas turbine (IGT) components, Alcoa’s largest IGT contract to date • Achieved $179 million in productivity savings, on target to deliver $650 million in 2016 2 1Q 2016 new Alcoa Segments (Upstream) Overview • Third-party revenue of $1.7 billion, down 32.2 percent year-over-year, reflects: o 4.5 percent revenue increase from organic growth more than offset by 26.1 percent revenue decline due to lower pricing and foreign exchange impacts and 10.6 percent revenue decline predominantly related to curtailed or closed operations • Total revenue of $2.1 billion, after-tax operating income of $22 million, and adjusted EBITDA of $185 million

o Profitable Alumina and Primary Metals segments despite 19 percent price decline in the Alumina Price Index, and flat aluminum pricing, sequentially; year-over-year declines of 40 and 26 percent, respectively • Alcoa World Alumina and Chemicals signed new third-party bauxite contracts valued at over $350 million over the next two years • Ma’aden-Alcoa joint venture refinery continued to ramp-up, now at 80 percent of nameplate capacity • Pt. Comfort, Texas refinery on track to be fully curtailed by end of second quarter; closed Warrick smelter in Indiana • Achieved $175 million in productivity, on target to deliver $550 million in 2016

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