--> AA +1,87% in after Hours
Reports Q3 (Sep) earnings of $0.31 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus Estimate of $0.22; revenues rose 8.2% year/year to $6.24 bln vs the $5.84 bln consensus.
- Engineered Products and Solutions delivers highest after-tax operating income in history of $209 million, 18th consecutive quarter of year-over-year after-tax operating income improvement; new record adjusted EBITDA margin of 23.5%
- Global Rolled Products after-tax operating income up 30% sequentially, 45% higher year-over-year
- Upstream business improves performance for 12th consecutive quarter; highest Primary Metals segment adjusted EBITDA per metric ton since second quarter 2008.
>>> Global aluminum demand growth forecast of 7% in 2014 reaffirmed.
- Alcoa continues to project 2014 global aerospace sales growth of 8 to 9 percent driven by robust demand for both large commercial aircraft and regional jets.
The Company tightened its projection for 2014 global automotive production growth from a previous range of 1 to 4% in the second quarter to 2 to 4 percent.
- Global packaging sales growth of 2 to 3% and global building and construction sales growth of 4 to 6% in 2014 remain unchanged.
- In the industrial gas turbine market, the co's projected decline of 8 to 12 percent, on lower orders for new gas turbines and spare parts, also remains unchanged for the year.
- For the second time this year, Alcoa increased its 2014 estimate of production growth for the North America commercial transportation market to a range of 16 to 20 percent from a previous range of 10 to 14% in the second quarter, and 5 to 9% in the first quarter.
- The higher estimate is based in part on a 43 percent increase in third quarter truck orders year-over-year and strong backlogs.
- Globally, Alcoa continues to expect a flat commercial transportation market of negative 1 to positive 3% in 2014 due to ongoing weakness in the European market.