Alcoa Records Q1 2014 Net Loss of $98 Million

Alcoa Inc. (NYSE:AA) announced its results for the first quarter of 2014, commenting that it recorded a net loss of $178 million, or $0.16 per share. That includes $276 million worth of “special items largely tied to smelter and rolling mill capacity reductions.”

The company’s net income came in at $98 million, or $0.09 per share, excluding the impact of special items.

Other highlights include:

• Revenue of $5.5 billion as realized aluminum prices fell 8 percent year-over-year
• Record first quarter Engineered Products and Solutions after-tax operating income, up 9 percent year-over-year
• Global Rolled Products profitability nearly tripled sequentially
• Upstream segments improved performance for 10th consecutive quarter
• Best quarterly Alumina after-tax operating income since 2011, up 59 percent year-over-year
• Cash on hand of $665 million
• Debt-to-capital ratio 35.0 percent; net debt-to-capital ratio 33.0 percent
• Global end market growth remains solid

Klaus Kleinfeld, Alcoa’s chairman and CEO, commented:

We hit record downstream profitability, nearly tripled results in the midstream, and strengthened our upstream business for the 10th quarter in a row. Our transformation is accelerating – we’re powering growth in our value-add businesses and aggressively reshaping our commodity business.

Click here to read the full Alcoa Inc. (NYSE:AA) press release.