April 16, 2014

Capacity Reduction Costs Lead to Quarterly Loss for Alcoa
 
New York-based Alcoa reported a net loss of $178 million in the first quarter, driven by costs associated with smelter and rolling mill capacity reductions. Excluding the charges, Alcoa's net income was $98 million for the quarter.

Sequentially, first-quarter 2014 results were an improvement on the net loss of $2.3 billion in the fourth quarter of 2013. Alcoa had reported net income of $149 million during the first quarter last year.

Alcoa's value-add businesses drove 76 percent of segment profits in the first quarter, with record first-quarter results in Engineered Products and Solutions and a near three-fold sequential increase in profitability in Global Rolled Products. The company's Alumina segment reported its best quarterly after-tax operating income since 2011, and the combined upstream segments have improved operating performance for the 10th consecutive quarter.

"We hit record downstream profitability, nearly tripled results in the midstream, and strengthened our upstream business for the 10th quarter in a row," said Klaus Kleinfeld, Alcoa chairman and CEO during the company's quarterly conference call with investors and analysts. "Our transformation is accelerating--we're powering growth in our value-add businesses and aggressively reshaping our commodity business."

Alcoa's first-quarter 2014 revenues totaled $5.5 billion, down 2 percent sequentially on lower Primary Metals third-party shipments. Capacity reductions in Primary Metals combined with an 8 percent decline in year-over-year realized aluminum prices caused revenues to fall 6 percent from the first quarter last year. The company’s value-add businesses drove 58 percent of Alcoa's first-quarter revenues.

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