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Wertpapier: Alcoa |
Der Aluminumpreis ist jedoch deutlich gefallen und somit kann es gar nicht so toll aussehen. Bin gespannt, tippe aber auf eher niedrige Gewinne (wenn überhaupt).
22:15 12.07.10
Highlights: Income from continuing operations of $137 million or $0.13 per share; net income of $136 million or $0.13 per share. Revenue of $5.2 billion, a six percent increase from the first quarter of 2010, primarily driven by higher volume. EBITDA of $724 million -- EBITDA Margin of 14.0 percent highest since third quarter 2008. Free cash flow in the second quarter totaled $87 million. Cash on hand of $1.34 billion. Global aluminum consumption forecast raised from 10 to 12 percent on improved end-market demand.
NEW YORK--(BUSINESS WIRE)--
Alcoa (NYSE: AA) today announced second quarter 2010 income from continuing operations of $137 million or $0.13 per share compared with a first quarter 2010 loss from continuing operations of $194 million, or a loss of $0.19 per share. First quarter 2010 results included restructuring and special charges of $295 million, or $0.29 per share. The second quarter of 2009 showed a loss from continuing operations of $312 million, or $0.32 per share including restructuring charges.
Earnings for the second quarter improved $331 million sequentially as stronger volumes, productivity improvements, favorable currency and lower energy costs more than offset slightly lower average realized metal prices which declined $22 a metric ton, to an average of $2,309 a ton in the quarter.
The second quarter 2010 results reflect the impact of restructuring including job reductions and special items such as costs associated with the recently completed United Steelworkers contract negotiations, offset by non-cash, mark-to-market benefits on derivatives in several power contracts as well as a net discrete tax benefit. Taken together these items had a net unfavorable impact of $2 million in the quarter. First quarter 2010 results included restructuring and special charges of $295 million or $0.29 per share.
Revenues for the quarter were $5.2 billion, a six percent increase from the first quarter of 2010 driven by a four percent increase in aluminum shipments and a one percent increase in third-party prices for alumina, partially offset by a one percent decrease in realized prices for aluminum. In many markets we saw strong revenue growth from the previous quarter with packaging (+17%), commercial transportation (+10%), building and construction (+9%), distribution (+5%), industrial gas turbines (+5%) and aerospace (+5%) realizing gains. Revenues increased 22 percent from $4.2 billion in the second quarter of 2009.
We improved profits and revenues and maintained our solid cash position, said Klaus Kleinfeld, Alcoa Chairman and CEO. The top and bottom line growth was driven by higher volumes from stronger end markets and continued gains from our productivity programs. Based on this improved end-market demand, we are raising our projection for aluminum consumption from 10 percent to 12 percent this year.
Prospects for Alcoa and aluminum continue to be excellent, Kleinfeld said. Aluminum is traditionally a backbone of growing economies and is penetrating new applications every day. Alcoa has enviable positions in bauxite, alumina and aluminum and our investments will move us further down the cost curve. Meanwhile, our mid- and downstream businesses continue to improve margins.
Alcoa continued to produce strong results in its cash sustainability program. After the first six months of 2010, the Company is tracking toward its expanded goals for 2010, including: $1.4 billion of the targeted $2.5 billion in procurement savings; $311 million of the targeted $500 million in annual overhead reduction savings; days of working capital at 42, a six-day improvement from the same period last year; and $514 million toward the targeted $1.25 billion in capital spending. The capital spending includes the Companys investment in the Maaden/Alcoa joint venture in Saudi Arabia, which will create the worlds lowest-cost aluminum complex, including a mine, refinery, smelter and rolling mill.
Cash sustainability efforts helped improve the cost of goods sold as a percentage of sales by 90 basis points to 81.2 percent from 82.1 percent in the first quarter of 2010. EBITDA for the second quarter 2010 was $724 million. The Companys second quarter 2010 EBITDA margin of 14.0 percent was the highest since third quarter 2008.
Net income for the second quarter 2010 was $136 million or $0.13 per share compared with a net loss of $201 million, or a loss of $0.20 per share in the first quarter of 2010, which includes the previously mentioned restructuring and special items. The second quarter of 2009 showed a net loss of $454 million, or $0.47 per share, including restructuring charges.
Free cash flow in the second quarter of 2010 totaled $87 million. In the quarter, the Company ended several accounts receivable sales programs, which resulted in an unfavorable working capital impact of approximately $260 million and held free cash flow back from even stronger performance.
Debt-to-capital at the end of the second quarter 2010 stands at 38.4 percent, 130 basis points lower than the second quarter of 2009. Overall debt decreased $465 million from the second quarter of 2009. Cash on hand at the end of the second quarter of 2010 was $1.34 billion.
Revenues for the first half of 2010 were $10.1 billion, and results from continuing operations showed a loss of $57 million, or $0.06 per share. The first half of 2010 showed a net loss of $65 million, or $0.06 per share.
Alcoa and subsidiaries Statement of Consolidated Operations (unaudited) (in millions, except per-share, share, and metric ton amounts) | |||||||||
| Quarter ended | |||||||||
| June 30, | March 31, | June 30, | |||||||
2009 | 2010 | 2010 | |||||||
| Sales | $ | 4,244 | $ | 4,887 | $ | 5,187 | |||
| Cost of goods sold (exclusive of expenses below) | 3,966 | 4,013 | 4,210 | ||||||
| Selling, general administrative, and other expenses | 240 | 239 | 208 | ||||||
| Research and development expenses | 38 | 39 | 45 | ||||||
| Provision for depreciation, depletion, and amortization | 317 | 358 | 363 | ||||||
| Restructuring and other charges | 82 | 187 | 30 | ||||||
| Interest expense | 115 | 118 | 119 | ||||||
| Other (income) expenses, net | (89) | 21 | (16) | ||||||
| Total costs and expenses | 4,669 | 4,975 | 4,959 | ||||||
| (Loss) income from continuing operations before income taxes | (425) | (88) | 228 | ||||||
| (Benefit) provision for income taxes | (108) | 84 | 57 | ||||||
| (Loss) income from continuing operations | (317) | (172) | 171 | ||||||
| Loss from discontinued operations | (142) | (7) | (1) | ||||||
| Net (loss) income | (459) | (179) | 170 | ||||||
| Less: Net (loss) income attributable to noncontrolling interests | (5) | 22 | 34 | ||||||
| NET (LOSS) INCOME ATTRIBUTABLE TO ALCOA | $ | (454) | $ | (201) | $ | 136 | |||
| AMOUNTS ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS: | |||||||||
| (Loss) income from continuing operations | $ | (312) | $ | (194) | $ | 137 | |||
| Loss from discontinued operations | (142) | (7) | (1) | ||||||
| Net (loss) income | $ | (454) | $ | (201) | $ | 136 | |||
| EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS: | |||||||||
| Basic: | |||||||||
| (Loss) income from continuing operations | $ | (0.32) | $ | (0.19) | $ | 0.13 | |||
| Loss from discontinued operations | (0.15) | (0.01) | |||||||
| Net (loss) income | $ | (0.47) | $ | (0.20) | $ | 0.13 | |||
| Diluted: | |||||||||
| (Loss) income from continuing operations | $ | (0.32) | $ | (0.19) | $ | 0.13 | |||
| Loss from discontinued operations | (0.15) | (0.01) | |||||||
| Net (loss) income | $ | (0.47) | $ | (0.20) | $ | 0.13 | |||
| Average number of shares used to compute: | |||||||||
| Basic earnings per common share | 974,279,655 | 1,007,221,162 | 1,021,064,062 | ||||||
| Diluted earnings per common share | 974,279,655 | 1,007,221,162 | 1,116,861,304 | ||||||
| Shipments of aluminum products (metric tons) | 1,288,000 | 1,134,000 | 1,182,000 |
Alcoa and subsidiaries Statement of Consolidated Operations (unaudited), continued (in millions, except per-share, share, and metric ton amounts) | ||||||||
| Six months ended | ||||||||
June 30, | ||||||||
2009 | 2010 | |||||||
| Sales | $ | 8,391 | $ | 10,074 | ||||
| Cost of goods sold (exclusive of expenses below) | 8,109 | 8,223 | ||||||
| Selling, general administrative, and other expenses | 484 | 447 | ||||||
| Research and development expenses | 79 | 84 | ||||||
| Provision for depreciation, depletion, and amortization | 600 | 721 | ||||||
| Restructuring and other charges | 151 | 217 | ||||||
| Interest expense | 229 | 237 | ||||||
| Other (income) expenses, net | (59 | ) | 5 | |||||
| Total costs and expenses | 9,593 | 9,934 | ||||||
| (Loss) income from continuing operations before income taxes | (1,202 | ) | 140 | |||||
| (Benefit) provision for income taxes | (415 | ) | 141 | |||||
| Loss from continuing operations | (787 | ) | (1 | ) | ||||
| Loss from discontinued operations | (159 | ) | (8 | ) | ||||
| Net loss | (946 | ) | (9 | ) | ||||
| Less: Net income attributable to noncontrolling interests | 5 | 56 | ||||||
| NET LOSS ATTRIBUTABLE TO ALCOA | $ | (951 | ) | $ | (65 | ) | ||
| AMOUNTS ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS: | ||||||||
| Loss from continuing operations | $ | (792 | ) | $ | (57 | ) | ||
| Loss from discontinued operations | (159 | ) | (8 | ) | ||||
| Net loss | $ | (951 | ) | $ | (65 | ) | ||
| EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS: | ||||||||
| Basic: | ||||||||
| Loss from continuing operations | $ | (0.89 | ) | $ | (0.06 | ) | ||
| Loss from discontinued operations | (0.17 | ) | ||||||
| Net loss | $ | (1.06 | ) | $ | (0.06 | ) | ||
| Diluted: | ||||||||
| Loss from continuing operations | $ | (0.89 | ) | $ | (0.06 | ) | ||
| Loss from discontinued operations | (0.17 | ) | ||||||
| Net loss | $ | (1.06 | ) | $ | (0.06 | ) | ||
| Average number of shares used to compute: | ||||||||
| Basic earnings per common share | 895,919,914 | 1,014,138,578 | ||||||
| Diluted earnings per common share | 895,919,914 | 1,014,138,578 | ||||||
| Common stock outstanding at the end of the period | 974,286,776 | 1,021,204,374 | ||||||
| Shipments of aluminum products (metric tons) | 2,463,000 | 2,316,000 |
Alcoa and subsidiaries Consolidated Balance Sheet (unaudited) (in millions) | ||||||||
| December 31, | June 30, | |||||||
2009 | 2010 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 1,481 | $ | 1,344 | ||||
Receivables from customers, less allowances of | 1,529 | 1,938 | ||||||
| Other receivables | 653 | 273 | ||||||
| Inventories | 2,328 | 2,391 | ||||||
| Prepaid expenses and other current assets | 1,031 | 876 | ||||||
| Total current assets | 7,022 | 6,822 | ||||||
| Properties, plants, and equipment | 35,525 | 35,154 | ||||||
| Less: accumulated depreciation, depletion, and amortization | 15,697 | 16,016 | ||||||
| Properties, plants, and equipment, net | 19,828 | 19,138 | ||||||
| Goodwill | 5,051 | 5,032 | ||||||
| Investments | 1,061 | 1,079 | ||||||
| Deferred income taxes | 2,958 | 2,848 | ||||||
| Other noncurrent assets | 2,419 | 2,298 | ||||||
| Assets held for sale | 133 | 95 | ||||||
| Total assets | $ | 38,472 | $ | 37,312 | ||||
| LIABILITIES | ||||||||
| Current liabilities: | ||||||||
| Short-term borrowings | $ | 176 | $ | 134 | ||||
| Commercial paper | 74 | |||||||
| Accounts payable, trade | 1,954 | 1,854 | ||||||
| Accrued compensation and retirement costs | 925 | 832 | ||||||
| Taxes, including income taxes | 345 | 372 | ||||||
| Other current liabilities | 1,345 | 1,125 | ||||||
| Long-term debt due within one year | 669 | 1,311 | ||||||
| Total current liabilities | 5,414 | 5,702 | ||||||
| Long-term debt, less amount due within one year | 8,974 | 8,281 | ||||||
| Accrued pension benefits | 3,163 | 2,679 | ||||||
| Accrued postretirement benefits | 2,696 | 2,687 | ||||||
| Other noncurrent liabilities and deferred credits | 2,605 | 2,207 | ||||||
| Liabilities of operations held for sale | 60 | 31 | ||||||
| Total liabilities | 22,912 | 21,587 | ||||||
| CONVERTIBLE SECURITIES OF SUBSIDIARY | 40 | |||||||
| EQUITY | ||||||||
| Alcoa shareholders equity: | ||||||||
| Preferred stock | 55 | 55 | ||||||
| Common stock | 1,097 | 1,141 | ||||||
| Additional capital | 6,608 | 7,091 | ||||||
| Retained earnings | 11,020 | 10,892 | ||||||
| Treasury stock, at cost | (4,268 | ) | (4,177 | ) | ||||
| Accumulated other comprehensive loss | (2,092 | ) | (2,393 | ) | ||||
| Total Alcoa shareholders' equity | 12,420 | 12,609 | ||||||
| Noncontrolling interests | 3,100 | 3,116 | ||||||
| Total equity | 15,520 | 15,725 | ||||||
| Total liabilities and equity | $ | 38,472 | $ | 37,312 |
Alcoa and subsidiaries Statement of Consolidated Cash Flows (unaudited) (in millions) | ||||||||
| Six months ended | ||||||||
June 30, | ||||||||
2009 | 2010 | |||||||
| CASH FROM OPERATIONS | ||||||||
| Net loss | $ | (946 | ) | $ | (9 | ) | ||
| Adjustments to reconcile net loss to cash from operations: | ||||||||
| Depreciation, depletion, and amortization | 600 | 722 | ||||||
| Deferred income taxes | (22 | ) | 156 | |||||
| Equity loss (income), net of dividends | 16 | (19 | ) | |||||
| Restructuring and other charges | 151 | 217 | ||||||
| Net gain from investing activities asset sales | (17 | ) | ||||||
| Loss from discontinued operations | 159 | 8 | ||||||
| Stock-based compensation | 53 | 50 | ||||||
| Excess tax benefits from stock-based payment arrangements | (1 | ) | ||||||
| Other | 114 | 81 | ||||||
| Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments: | ||||||||
| Decrease (increase) in receivables | 428 | (570 | ) | |||||
| Decrease (increase) in inventories | 942 | (189 | ) | |||||
| Decrease in prepaid expenses and other current assets | 114 | 67 | ||||||
| (Decrease) increase in accounts payable, trade | (690 | ) | 1 | |||||
| (Decrease) in accrued expenses | (280 | ) | (246 | ) | ||||
| (Decrease) increase in taxes, including income taxes | (479 | ) | 190 | |||||
| Pension contributions | (69 | ) | (44 | ) | ||||
| (Increase) in noncurrent assets | (133 | ) | (4 | ) | ||||
| Increase in noncurrent liabilities | 112 | 104 | ||||||
| Decrease (increase) in net assets held for sale | 14 | (20 | ) | |||||
| CASH PROVIDED FROM CONTINUING OPERATIONS | 67 | 494 | ||||||
| CASH (USED FOR) PROVIDED FROM DISCONTINUED OPERATIONS | (10 | ) | 5 | |||||
| CASH PROVIDED FROM OPERATIONS | 57 | 499 | ||||||
| FINANCING ACTIVITIES | ||||||||
| Net change in short-term borrowings | 189 | (41 | ) | |||||
| Net change in commercial paper | (1,435 | ) | 74 | |||||
| Additions to long-term debt | 905 | 83 | ||||||
| Debt issuance costs | (17 | ) | ||||||
| Payments on long-term debt | (23 | ) | (123 | ) | ||||
| Proceeds from exercise of employee stock options | 7 | |||||||
| Excess tax benefits from stock-based payment arrangements | 1 | |||||||
| Issuance of common stock | 876 | |||||||
| Dividends paid to shareholders | (168 | ) | (63 | ) | ||||
| Distributions to noncontrolling interests | (79 | ) | (113 | ) | ||||
| Contributions from noncontrolling interests | 253 | 64 | ||||||
| Acquisitions of noncontrolling interests | (66 | ) | ||||||
| CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES | 501 | (177 | ) | |||||
| INVESTING ACTIVITIES | ||||||||
| Capital expenditures | (884 | ) | (434 | ) | ||||
| Capital expenditures of discontinued operations | (5 | ) | ||||||
| Acquisitions, net of cash acquired (a) | 15 | 5 | ||||||
| Proceeds from the sale of assets and businesses (b) | (78 | ) | (11 | ) | ||||
| Additions to investments (c) | 4 | (159 | ) | |||||
| Sales of investments | 506 | 138 | ||||||
| Net change in short-term investments and restricted cash | (50 | ) | 7 | |||||
| Other | (5 | ) | ||||||
| CASH USED FOR INVESTING ACTIVITIES | (497 | ) | (454 | ) | ||||
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH | 28 | (5 | ||||||
| Net change in cash and cash equivalents | 89 | (137 | ) | |||||
| Cash and cash equivalents at beginning of year | 762 | 1,481 | ||||||
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | $ | 851 | $ | 1,344 |
(a) | Acquisitions, net of cash acquired for the six months ended June 30, 2010 was a cash inflow as this line item includes cash received as a result of post-closing adjustments related to the acquisition of a BHP Billiton subsidiary that holds interests in four bauxite mines and one refining facility in the Republic of Suriname, which was completed on July 31, 2009. Acquisitions, net of cash acquired for the six months ended June 30, 2009 was a cash inflow as this line item includes cash acquired in the exchange of Alcoas 45.45% stake in the Sapa AB joint venture for Orkla ASAs 50% stake in the Elkem Aluminium ANS joint venture, which was completed on March 31, 2009. | |
(b) | Proceeds from the sale of assets and businesses for the six months ended June 30, 2010 was a cash outflow as this line item includes cash paid to settle former customer contracts of the divested Electrical and Electronic Solutions and Automotive Castings businesses. Proceeds from the sale of assets and businesses for the six months ended June 30, 2009 was a cash outflow as this line item includes cash paid to Platinum Equity related to the divestiture of the Electrical and Electronic Solutions wire harness and electrical distribution business, which was completed on June 15, 2009 with an effective date of June 1, 2009. | |
(c) | Additions to investments for the six months ended June 30, 2009 was a cash inflow as this line item includes the return of a portion of the contributions made in prior periods related to one of Alcoa Alumínios hydroelectric power projects. All contributions related to this project were originally presented as cash outflows in Additions to investments in the appropriate periods. |
Alcoa and subsidiaries Segment Information (unaudited) (dollars in millions, except realized prices; production and shipments in thousands of metric | ||||||||||||||||||||||||||||
1Q09 | 2Q09 | 3Q09 | 4Q09 | 2009 | 1Q10 | 2Q10 | ||||||||||||||||||||||
| Alumina: | ||||||||||||||||||||||||||||
| Alumina production (kmt) | 3,445 | 3,309 | 3,614 | 3,897 | 14,265 | 3,866 | 3,890 | |||||||||||||||||||||
| Third-party alumina shipments (kmt) | 1,737 | 2,011 | 2,191 | 2,716 | 8,655 | 2,126 | 2,264 | |||||||||||||||||||||
| Third-party sales | $ | 430 | $ | 441 | $ | 530 | $ | 760 | $ | 2,161 | $ | 638 | $ | 701 | ||||||||||||||
| Intersegment sales | $ | 384 | $ | 306 | $ | 432 | $ | 412 | $ | 1,534 | $ | 591 | $ | 530 | ||||||||||||||
| Equity income | $ | 2 | $ | 1 | $ | 2 | $ | 3 | $ | 8 | $ | 2 | $ | 4 | ||||||||||||||
| Depreciation, depletion, and amortization | $ | 55 | $ | 67 | $ | 81 | $ | 89 | $ | 292 | $ | 92 | $ | 107 | ||||||||||||||
| Income taxes | $ | (1 | ) | $ | (21 | ) | $ | 13 | $ | (13 | ) | $ | (22 | ) | $ | 27 | $ | 41 | ||||||||||
| After-tax operating income (ATOI) | $ | 35 | $ | (7 | ) | $ | 65 | $ | 19 | $ | 112 | $ | 72 | $ | 94 | |||||||||||||
| Primary Metals: | ||||||||||||||||||||||||||||
| Aluminum production (kmt) | 880 | 906 | 881 | 897 | 3,564 | 889 | 893 | |||||||||||||||||||||
| Third-party aluminum shipments (kmt) | 683 | 779 | 698 | 878 | 3,038 | 695 | 699 | |||||||||||||||||||||
| Alcoas average realized price per metric ton of aluminum | 1,567 | 1,667 | 1,972 | 2,155 | 1,856 | 2,331 | 2,309 | |||||||||||||||||||||
| Third-party sales | $ | 844 | $ | 1,146 | $ | 1,362 | $ | 1,900 | $ | 5,252 | $ | 1,702 | $ | 1,710 | ||||||||||||||
| Intersegment sales | $ | 393 | $ | 349 | $ | 537 | $ | 557 | $ | 1,836 | $ | 623 | $ | 693 | ||||||||||||||
| Equity (loss) income | $ | (30 | ) | $ | 4 | $ | $ | $ | (26 | ) | $ | $ | 1 | |||||||||||||||
| Depreciation, depletion, and amortization | $ | 122 | $ | 139 | $ | 143 | $ | 156 | $ | 560 | $ | 147 | $ | 142 | ||||||||||||||
| Income taxes | $ | (147 | ) | $ | (119 | ) | $ | (52 | ) | $ | (47 | ) | $ | (365 | ) | $ | 18 | $ | ||||||||||
| ATOI | $ | (212 | ) | $ | (178 | ) | $ | (8 | ) | $ | (214 | ) | $ | (612 | ) | $ | 123 | $ | 109 | |||||||||
| Flat-Rolled Products: | ||||||||||||||||||||||||||||
| Third-party aluminum shipments (kmt) | 442 | 448 | 476 | 465 | 1,831 | 379 | 420 | |||||||||||||||||||||
| Third-party sales | $ | 1,510 | $ | 1,427 | $ | 1,529 | $ | 1,603 | $ | 6,069 | $ | 1,435 | $ | 1,574 | ||||||||||||||
| Intersegment sales | $ | 26 | $ | 23 | $ | 34 | $ | 30 | $ | 113 | $ | 46 | $ | 40 | ||||||||||||||
| Depreciation, depletion, and amortization | $ | 52 | $ | 55 | $ | 60 | $ | 60 | $ | 227 | $ | 59 | $ | 57 | ||||||||||||||
| Income taxes | $ | $ | (1 | ) | $ | 17 | $ | 32 | $ | 48 | $ | 18 | $ | 28 | ||||||||||||||
| ATOI | $ | (61 | ) | $ | (35 | ) | $ | 10 | $ | 37 | $ | (49 | ) | $ | 30 | $ | 71 | |||||||||||
| Engineered Products and Solutions: | ||||||||||||||||||||||||||||
| Third-party aluminum shipments (kmt) | 41 | 50 | 43 | 46 | 180 | 46 | 50 | |||||||||||||||||||||
| Third-party sales | $ | 1,270 | $ | 1,194 | $ | 1,128 | $ | 1,097 | $ | 4,689 | $ | 1,074 | $ | 1,122 | ||||||||||||||
| Equity income | $ | $ | $ | 1 | $ | 1 | $ | 2 | $ | 1 | $ | |||||||||||||||||
| Depreciation, depletion, and amortization | $ | 40 | $ | 46 | $ | 41 | $ | 50 | $ | 177 | $ | 41 | $ | 38 | ||||||||||||||
| Income taxes | $ | 46 | $ | 40 | $ | 33 | $ | 20 | $ | 139 | $ | 31 | $ | 48 | ||||||||||||||
| ATOI | $ | 95 | $ | 88 | $ | 75 | $ | 57 | $ | 315 | $ | 81 | $ | 107 | ||||||||||||||
| Reconciliation of ATOI to consolidated net (loss) income attributable to Alcoa: | ||||||||||||||||||||||||||||
| Total segment ATOI | $ | (143 | ) | $ | (132 | ) | $ | 142 | $ | (101 | ) | $ | (234 | ) | $ | 306 | $ | 381 | ||||||||||
| Unallocated amounts (net of tax): | ||||||||||||||||||||||||||||
| Impact of LIFO | 29 | 39 | 80 | 87 | 235 | (14 | ) | (3 | ) | |||||||||||||||||||
| Interest income | 1 | 8 | (1 | ) | 4 | 12 | 3 | 3 | ||||||||||||||||||||
| Interest expense | (74 | ) | (75 | ) | (78 | ) | (79 | ) | (306 | ) | (77 | ) | (77 | ) | ||||||||||||||
| Noncontrolling interests | (10 | ) | 5 | (47 | ) | (9 | ) | (61 | ) | (22 | ) | (34 | ) | |||||||||||||||
| Corporate expense | (71 | ) | (70 | ) | (71 | ) | (92 | ) | (304 | ) | (67 | ) | (59 | ) | ||||||||||||||
| Restructuring and other charges | (46 | ) | (56 | ) | (3 | ) | (50 | ) | (155 | ) | (122 | ) | (21 | ) | ||||||||||||||
| Discontinued operations | (17 | ) | (142 | ) | 4 | (11 | ) | (166 | ) | (7 | ) | (1 | ) | |||||||||||||||
| Other | (166 | ) | (31 | ) | 51 | (26 | ) | (172 | ) | (201 | ) | (53 | ) | |||||||||||||||
| Consolidated net (loss) income attributable to Alcoa | (497 | (454 | 77 | (277 | (1,151 | (201 | 136 |
The difference between certain segment totals and consolidated amounts is in Corporate.
Alcoa and subsidiaries Calculation of Financial Measures (unaudited) (dollars in millions) | ||||||||
| Earnings before interest, taxes, depreciation, and | Quarter ended | |||||||
| amortization (EBITDA) Margin | June 30, | |||||||
2010 | ||||||||
| Net income attributable to Alcoa | $ | 136 | ||||||
| Add: | ||||||||
| Net income attributable to noncontrolling interests | 34 | |||||||
| Loss from discontinued operations | 1 | |||||||
| Provision for income taxes | 57 | |||||||
| Other income, net | (16 | ) | ||||||
| Interest expense | 119 | |||||||
| Restructuring and other charges | 30 | |||||||
| Provision for depreciation, depletion, and amortization | 363 | |||||||
| EBITDA | $ | 724 | ||||||
| Sales | $ | 5,187 | ||||||
| EBITDA/Sales (EBITDA Margin) | 14 | % |
Alcoas definition of EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because EBITDA provides additional information with respect to Alcoas operating performance and the Companys ability to meet its financial obligations. The EBITDA presented may not be comparable to similarly titled measures of other companies.
| Free Cash Flow | Quarter ended | |||
| June 30, | ||||
2010 | ||||
| Cash provided from operations | $ | 300 | ||
| Capital expenditures | (213 | ) | ||
| Free cash flow | $ | 87 |
Free Cash Flow is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures due to the fact that these expenditures are considered necessary to maintain and expand Alcoas asset base and are expected to generate future cash flows from operations. It is important to note that Free Cash Flow does not represent the residual cash flow available for discretionary expenditures since other non-discretionary expenditures, such as mandatory debt service requirements, are not deducted from the measure.
Gruß DB
Alcoa übertrifft Erwartungen - Aktie nachbörslich vom Handel ausgesetzt
Pittsburgh (BoerseGo.de) - Der Aluminium-Riese Alcoa erzielt im zweiten Quartal einen Gewinn von 0,13 Dollar pro Aktie, 1 Cent besser als erwartet. Der Umsatz steigt gegenüber dem entsprechenden Vorjahresquartal um 22,8 Prozent auf 5,19 Milliarden Dollar, was ebenfalls über den Konsensschätzungen der Analysten von 5,05 Milliarden Dollar liegt.
Höhere Auftragsvolumen, eine verbesserte Produktion, geringere Energiekosten und positive Währungseffekte konnten die sinkenden Preise für Aluminium kompensieren, so das Management.
Die Aktie ist nachbörslich aktuell vom Handel ausgesetzt.
http://www.finanznachrichten.de/...lich-vom-handel-ausgesetzt-009.htm