Home News UPDATE: Alcoa writes in the fourth quarter in the red again

UPDATE: Alcoa writes in the fourth quarter in the red again


PITTSBURGH (AP) – Due to high restructuring costs and weaker sales in the automotive and aircraft is U.S. aluminum producer Alcoa in the fourth quarter once again slipped into the red. In Had the previous quarter in Pittsburgh in the U.S. state of Pennsylvania based company reported a profit nor surprising. Positive fell in the final quarter of 2009, meanwhile, the cash flow: For the first time Since June 2008 the free cash flow was positive, with 761 million USD.
The net loss in the amount of Alcoa Inc Three-month period to 277 million USD. Had for the October-December 2008 Loss much higher situated near 1.19 billion USD. Per share The minus is now $ 0.28, compared with a net loss of 1.49 USD per Share in the fourth quarter of 2008. The figures are now submitted to the Claims to U.S. $ 275 million, or $ 0.28 per share, for, inter alia, Restructuring costs and other special items included.
Analysts surveyed by Thomson Reuters had on average a Adjusted earnings per share of $ 0.06 expected.
In contrast, Alcoa had sales expectations . surpass So far this year in the fourth quarter to put 5.4 billion USD, 18% more than in Previous quarter. Last year, proceeds were still at 5.7 billion USD. In addition to the Area of vehicle and aircraft redeemed Alcoa also in the market for gas turbines is now less. Analysts saw the revenue on average only 4.82 billion USD.
That was a tough year for the aluminum industry – a Fall in prices, demand slump and credit crisis, "said Alcoa CEO Klaus Kleinfeld. His company has its costs and the portfolio on profitable growth oriented. In addition, Alcoa has built up cash reserves to The current economic uncertainties to deal with and future investment opportunities can be exploited. Of these, the group would still benefit from many years, added Kleinfeld added.
When Alcoa in early 2009 from a low demand for aluminum and lower prices has been taken, the Group generated an Austerity program imposed. Under which the U.S. group has 21,500 jobs deleted and cut back its investments by 52% to 1.6 billion USD.
Last year alone, Alcoa has the details of Monday, according to its overhead to U.S. $ 412 million cut. These were more than 200% of the original goal. Procurement costs decreased by U.S. $ 2 billion, an increase of 500 million More than USD notified. By reducing the working capital Alcoa has also generated more than U.S. $ 1.3 billion cash.
The aluminum group has benefited from this steadily again rising prices and a decline in global stocks for aluminum. Nevertheless, the re SCFE represents a loss in terms the patience of investors to the test. "Together with our expectations for 2010 do not justify the quarterly figures Investment-grade rating, "said Joel Levington of Brookfield Investment Management Inc.
Among the larger Alcoa’s competitors such as the Rio Tinto plc, is expected to perform better when they are in the coming weeks to submit their quarterly numbers. Fall Unlike Alcoa the competition during the production process is usually lower costs to.