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* Reports Q4 (Dec) earnings of $0.04 per share, excluding non-recurring items, $0.03 better than the Capital IQ Consensus of $0.01; revenues fell 17.8% year/year to $5.25 bln vs the $5.28 bln Capital IQ Consensus.
- Organic growth in aerospace and acquisitions increased revenue 7%, which was more than offset by a 25% revenue decline from lower alumina and aluminum prices, the impact of divested, curtailed or closed facilities, and unfavorable currency.
- The Value-Add businesses reported strong performance, while the Upstream remained profitable despite lower alumina and aluminum prices. Every segment delivered productivity gains.
- Strong productivity gains were more than offset by lower alumina and aluminum prices. In 2015, the Midwest transaction price for primary aluminum fell $657 per metric ton, or 28%, and the Alumina Price Index dropped $154 per metric ton, or 43%.
* In 2016, Alcoa expects a global aluminum deficit of 1.2 million metric tons and a global alumina deficit of 2.8 million metric tons due to global curtailments. The Company also projects record global aluminum demand in 2016 of 60.5 million metric tons, up 6% over 2015. Global aluminum demand is expected to double between 2010 and 2020; so far this decade, global demand growth is tracking ahead of this projection.
* Alcoa's plan to separate into two publicly traded cos is expected to be completed in the second half of 2016.