Alcoa beats by $0.02, misses on revs; reaffirms FY15 alumina demand
Reports Q1 (Mar) adj. earnings of $0.28 per share, $0.02 better than the Capital IQ Consensus Estimate of $0.26; revenues rose 6.7% year/year to $5.82 bln vs the $5.94 bln consensus, driven principally by organic growth in automotive and aerospace
Record Engineered Products and Solutions first quarter after-tax operating income of $191 mln
Global Rolled Products shipped record amount of automotive sheet to meet growing demand
Alumina after-tax operating income more than doubled year-over-year.
Co continues to project ~3.5 mln metric tons of new demand growth in 2015, or 6.5%, for a record 57.5 mln metric tons. Alcoa is holding steady its 2015 growth projections for the aerospace, automotive, building and construction, industrial gas turbine and packaging end markets.
Given final 2014 worldwide aluminum demand, Alcoa has upwardly revised its view of global aluminum demand growth in 2014 to 9%, an increase from the prior forecast of 7%.