alcoa inc (AA) Key Developments
Alcoa Announces Executive Changes
May 1 15
Alcoa announced changes to its Board of Directors effective with the company's Annual Meeting of Shareholders held in Pittsburgh. Dr. Judith Gueron who did not stand for re-election when her term expired at the Annual Meeting, retired from the Board of Directors. Succeeding Gueron as Lead Director is Patricia Russo, a member of the Alcoa Board since 2008. Russo is the former Chief Executive Officer of Alcatel Lucent.
Alcoa Board Approves Quarterly Dividends on Common Stock and Preferred Stock, Payable on July 1, 2015
Apr 30 15
The Board of Directors of Alcoa Inc. declared a quarterly common stock dividend of 3 cents per share payable May 25, 2015 to holders of record of the common stock at the close of business on May 11, 2015; a dividend of 93.75 cents per share on Alcoa’s $3.75 cumulative preferred stock (“Class A Stock”) payable July 1, 2015 to holders of record of the Class A Stock at the close of business on June 12, 2015; and a dividend of $6.71875 per share on Alcoa’s 5.375% Class B Mandatory Convertible Preferred Stock payable July 1, 2015 to holders of record of the Class B Stock at the close of business on June 15, 2015.
Alcoa Inc. Presents at MMTA's International Minor Metals Conference, Apr-28-2015 10:15 AM
Apr 10 15
Alcoa Inc. Presents at MMTA's International Minor Metals Conference, Apr-28-2015 10:15 AM. Venue: Fairmont Royal York Hotel, Toronto, Ontario, Canada. Speakers: Boyd Mueller, Vice President Research and Technology.
Alcoa Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for the Year of 2015
Apr 9 15
Alcoa reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported sales of $5,819 million against $5,454 million a year ago. Income before income taxes was $481 million against loss before income taxes of $274 million a year ago. Net income attributable to the company was $195 million or $0.14 diluted per share against net loss attributable to the company of $178 million or $0.16 diluted per share a year ago. Cash used for operations was $175 million against $551 million a year ago. Capital expenditures were $247 million against $209 million a year ago. Adjusted EBITDA was $1,089 million against $672 million a year ago. Net income attributable to the company - as adjusted was $363 million or $0.28 diluted per share against $98 million or $0.09 diluted per share a year ago. Net income was up because sales rose while costs fell.
Annual financial targets have been set to continue to reposition the company, driving growth and operational improvements. Year-to-date productivity is on schedule with $238 million of productivity actions achieved in the first quarter against a target of $900 million. Return-seeking capital spend was $150 million and is anticipated to ramp up during the year to meet the $750 million target. Sustaining capital was maintained at $101 million, significantly lower than the run rate of $725 million would suggest way, but the company anticipates this will also ramp up during the year. The company still anticipates generating a minimum of $500 million free cash flow for the year. This target now includes the prepayment of $300 million in 2015 related to the execution of a 12-year natural gas contract for refineries in Western Australia. The company will delivers the $500 million of free cash flow after making the prepayment for gas in Australia. The company maintained its projection that 2015 aluminium demand will increase by 3.5m tonnes, or 6.5%, to 57.5m tonnes, a record.
The Department of Energy Enters into A Loan Agreement with Alcoa
Mar 28 15
The Department of Energy is reviving a vehicle loan program to retool after criticism it funded flops and wasted taxpayer money. The department announced that it has reached a conditional, $259 million loan agreement with Alcoa. The money will be used to fund an expansion of a facility that manufactures high-strength aluminum used in fuel-efficient cars. The loan is first issued from the department's Advanced Technology Vehicles Manufacturing Program in 4 years, and comes a year after Energy Secretary Ernest Moniz promised to revamp the program.