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Alcoa Announces Fourth Quarter Loss

Post Time:Jan 12,2012Classify:Company NewsView:219

Alcoa of Pittsburgh reported a loss from continuing operations of $193 million, or $0.18 per share, in fourth quarter 2011, according to a January 9 company news release. Restructuring charges associated with the closure and curtailment of high-cost production capacity, lower aluminum prices and continued market weakness account for the losses. Excluding the net negative impact of restructuring and other special items, the loss from continuing operations was $34 million, or $0.03 per share.

 

Kawneer of Norcross, Ga., and Traco of Cranberry Township, Pa., are part of Alcoa Building & Construction Systems.

 

Alcoa's fourth quarter 2011 loss compares to income from continuing operations of $172 million, or $0.15 per share, in third quarter 2011, and income of $258 million, or $0.24 per share, reported in fourth quarter 2010.

 

For the full-year 2011, Alcoa reported income from continuing operations of $614 million, or $0.55 per share, more than double 2010 results. The company ended the year with $1.9 billion cash on hand.

 

"Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash," says Klaus Kleinfeld, chairman and CEO, in the release. "We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet.

 

"For 2012, we expect global aluminum demand to grow 7 percent and are forecasting a global deficit in primary aluminum supply," Kleinfeld says.

 

Alcoa's growth projection is ahead of the 6.5 percent rate required to meet the company's forecast of a doubling in global aluminum demand between 2010 and 2020. Aluminum demand grew 10 percent in 2011 on top of 13 percent growth seen in 2010.

 

Alcoa also projects that growing demand for aluminum, combined with market-related production cutbacks, will result in a global aluminum industry deficit of 600,000 metric tons in 2012.

 

Alcoa projects global growth of about 4-5 percent in building and construction markets.

Source: www.usgnn.comAuthor: shangyi

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