Alcoa - News

Ticker Symbol: AA

Alcoa News - Past

Alcoa swung to a $497 million Q1 loss ($0.61/share) from a profit of $303 million ($0.37/share) in the quarter one year ago. Alcoa lost $480 million excluding items, or $0.59/share. Revenues slumped to $4.1 billion, down from $5.7 billion, as aluminum prices dropped off a cliff from last summer's highs.

During the first quarter, LME Aluminum averaged 1,359/tonne, according to the Alcoa. The aluminum giant forecasted a 7% decline in aluminum demand for fiscal 2009.

On March 17th, Alcoa announced a quarterly dividend cut from 17 cents to 3 cents, saving the company $400+ million. Alcoa had also pronounced plans to cut capex by $1 billion in 2010 and raise $1.1 billion through a common issuance and convertible notes.

Alcoa News - Upcoming

Alcoa is actively trying to sell four downstream businesses, having already completed 50% of their objective as of May 1st. Its global foil and European transportation products division remain on the selling block. Alcoa releases Q2 earnings on July 7th.

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