1/10/2014
NEWS BRIEFS
Fastener Segment Sales & Income Rise at Alcoa
Alcoa reported sales at its Engineered Products segment, including Alcoa Fastener Systems, grew 4.2% to $1.4 billion in the fourth quarter of 2013. Third-party shipments rose 7.7% to 56 kmt. Segment ATOI was a Q4 record of $168 million, down $24 million sequentially and up $28 million, or 20%, year-over-year.
“Sequentially, seasonal cost increases and unfavorable volume and price/mix were somewhat offset by continued productivity improvements,” Alcoa stated.
For 2013 Engineered Products sales rose 3.8% to $5.73 billion, while third party shipments gained 2.7% to 229 kmt. Full-year segment ATOI climbed 18.6% to $726 million.
Overall Q4 results included a net loss of $2.3 billion, or $2.19 per share. Adjusted Q4 EBITDA was $565 million, compared to $675 million in third quarter 2013 and $597 million in fourth quarter 2012.
Q4 revenue was $5.6 billion, compared with $5.8 billion sequentially, and $5.9 billion in fourth quarter 2012, as realized aluminum prices declined 1% sequentially, and 7% year-over-year.
Full-year consolidated revenue was $23 billion, compared to $23.7 billion in 2012 as realized aluminum prices declined 4% year-over-year.
In 2013, Alcoa reported a net loss of $2.3 billion, or $2.14 per share, compared to 2012 net income of $191 million, or $0.18 per share.
Excluding the impact of special items, 2013 net income was $357 million, or $0.33 per share, a 36 percent increase from $262 million, or $0.24 per share, in 2012. Full year net income, excluding special items, increased on record EPS profitability and productivity savings, partially offset by cost increases and lower metal prices.
In 2014, Alcoa projects global growth in the aerospace (7-8%), automotive (1-4 %), packaging (2-3%), and building and construction (4-6%) markets. After a strong 2013, Alcoa projects a steady commercial transportation market (-1% to 3%), and a decline in the industrial gas turbine market (-8% to -12%) on lower orders for new gas turbines and spare parts.
Alcoa sees global aluminum demand growth of 7% in 2014, after 7% growth in 2013. ©2014 GlobalFastenerNews.com
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Related Links:
• Alcoa
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