Company History
Alcoa (Nachrichten/Aktienkurs) (NYSE:AA) today announced first quarter 2007 income from continuing operations of $673 million, or $0.77 per diluted share. Excluding previously announced restructuring charges, income from continuing operations was $691 million, or $0.79 per share, a 13 percent increase from the first quarter of 2006, and a 20 percent increase from the fourth quarter of 2006 which also included discrete tax items.
Net income for the quarter was $662 million, or $0.75, a nine percent increase from the first quarter of 2006. Net income for the fourth quarter 2006 was $359 million, or $0.41.
Revenues for the quarter increased 11 percent from a year ago to $7.9 billion, driven by higher metal prices and sales to the aerospace, building and construction, and industrial product markets. Fourth quarter 2006 revenues were $7.8 billion.
Cash from operations in the first quarter rose to a record $527 million, a more than $700 million improvement from the first quarter of 2006.
“Alcoans have delivered another strong quarter of top and bottom line growth, productivity improvements in cost of goods and overhead, and a dramatic improvement in cash flow from last year's first quarter,“ said Alain Belda, Alcoa Chairman and CEO. “Our focus on higher value-added solutions, such as aerospace products, and productivity programs helped to continue our momentum this quarter.
“The momentum we built last year is carrying through in disciplined capital and portfolio management, growth projects coming on-stream, and continued improvement in our strong downstream operations,“ said Belda. “Again, we have delivered a strong quarter while also investing in projects that will generate strong returns for years to come.“
Cost of goods sold as a percent of revenues was 76 percent, a 220 basis point improvement versus the fourth quarter of 2006 as a result of productivity initiatives.
Balance Sheet and Growth Projects
The Company's strong cash generation performance in the quarter of $527 million helped to continue to fund its growth programs. In the quarter, capital expenditures were $783 million, 67 percent of which was devoted to growth projects.
“I am pleased our new Alcoa Fjardaal smelter in Iceland is moving from the construction phase to start-up and operational activities,“ said Belda. “This state-of-the-art facility and other growth projects will begin to contribute this year.“
The first electricity energizing pots for start-up of Alcoa Fjardaal began today in Iceland. Also, the Company's Intalco smelter in Ferndale, WA expanded its production this quarter.
The Company's debt-to-capital ratio stood at 30.9 percent at the end of the quarter, within the Company's target range. The Company's 12-month trailing ROC stood at 12.7 percent at the end of the first quarter 2007, following significant growth investments. Excluding investments in growth, the Company's ROC was 15.6 percent.
Segment and Other Results
Alumina
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