Alcoa Second Quarter 2009 Results – Solid Cash Performance

by ALCOA 09 Jul 07:50

Highlights:
$328 million cash from operations, a $599 million improvement from 1Q09.
Free cash flow improvement of $652 million from 1Q09.
Performed well against every operational cash sustainability target.
Loss from continuing operations of $312 million, or $0.32 per share, a $168 million improvement over 1Q09.
Excluding restructuring, loss was $256 million, or $0.26 per share.
Revenues of $4.2 billion, up 2% from 1Q09, but down 41% from 2Q08 on economic downturn and 49% drop in metal price.
Strong liquidity with $851 million of cash on hand.
Debt-to-Capital ratio down 80 basis points from 1Q09 to 39.8%.

NEW YORK—(BUSINESS WIRE)—Alcoa (NYSE: AA) today announced it generated cash from operations in the second quarter of 2009 of $328 million, a $599 million improvement from the first quarter. This improvement was driven by the Company’s wide-ranging financial and operational initiatives to reduce costs, increase cash, and strengthen its balance sheet.