Alcoa profits rise as it projects higher demand in '15

GMT 01:35 2015 Tuesday ,13 January

Arab Today, arab today Alcoa profits rise as it projects higher demand in '15

Klaus Kleinfled, CEO of Alcoa
New York - AFP

Aluminum and metal producer Alcoa reported Monday a jump in fourth-quarter earnings behind higher commodity prices as it forecast solid growth in some industrial segments.
Earnings for the quarter ending December 31 came in at $159 million, compared with a loss of $2.34 billion a year ago. The results in the year-ago period were marred by a $1.7 billion write-down tied to smelting acquisitions.
Quarterly revenues were $6.38 billion, up from $5.59 billion.
The results were boosted by quarterly aluminum prices that averaged $2,578 per metric ton, up nearly 20 percent from a year ago.
Alcoa said the results were also propelled by a reduction of production of low-return metals following the closure of some high-cost smelters.
Alcoa has been working to boost its exposure to the hot aerospace market and to the growing demand for aluminum in cars.
"Our strong fourth quarter capped a pivotal year as we significantly accelerated Alcoa's transformation," said chief executive Klaus Kleinfeld.
Alcoa projected 2015 global aerospace sales to increase nine-10 percent over 2014 and global automotive production to rise two-four percent.
Overall aluminum demand is seen growing seven percent following a seven-percent jump in 2014.
The results translated into earnings per share of 33 cents, excluding restructuring costs and other special items. Analysts had projected earnings of 25 cents per share.
Revenues of $6.38 billion topped the analyst forecast for $5.99 billion.
Alcoa shares rose 1.3 percent to $16.38 in after-hours trade.


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