Alcoa kicks off US season with revenue up 18%
January 11, 2010
Out of the US, 2010 economic results were heralded in by Alcoa, which reported quarterly earnings this morning. The US-based company, which has a 60-40 joint venture with Australia's Alumina Limited (AWC), called World Alumina and Chemicals (AWAC), reported a loss of US$266 million, following unusual charges of US$275 million.
The company noted however that revenues were up 18% from the previous corresponding quarter and free cash flow was US$761 million, up US$947 million on the prior quarter.
In the previous corresponding period the company reported a loss from continuing operations of US$929 million. The company also highlighted that, not including one-off items, it achieved profitability for the second straight quarter.
The company also said it was ahead of its key financial goals for 2009, including being free cash flow neutral by the end of the year.
“Facing continued headwinds from energy and currency costs, the entire company is committed to continuing those efforts in 2010,” Alcoa president and CEO, Klaus Kleinfeld, said.
In Australia, Alumina is expected to announce its half-year results on 9 February.
At the open Tuesday, Alumina shares were trading down 3.9% at $1.98 each.
The company noted however that revenues were up 18% from the previous corresponding quarter and free cash flow was US$761 million, up US$947 million on the prior quarter.
In the previous corresponding period the company reported a loss from continuing operations of US$929 million. The company also highlighted that, not including one-off items, it achieved profitability for the second straight quarter.
The company also said it was ahead of its key financial goals for 2009, including being free cash flow neutral by the end of the year.
“Facing continued headwinds from energy and currency costs, the entire company is committed to continuing those efforts in 2010,” Alcoa president and CEO, Klaus Kleinfeld, said.
In Australia, Alumina is expected to announce its half-year results on 9 February.
At the open Tuesday, Alumina shares were trading down 3.9% at $1.98 each.
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