Alcoa Reports Third Quarter 2008 Results; Taking Action to Preserve Profitability, Liquidity Through the Downturn

by ALCOA 07 Oct 21:32

Highlights:
Net income of $268 million, or $0.33 per share, includes $29 million or $0.04 per share for restructuring.
The sequential impact of currency translation was a negative $52 million or $0.06 per share.
Revenues of $7.2 billion, up from $6.5 billion in 3rd quarter of 2007, excluding divested businesses.
Alumina segment improved ATOI over 2nd quarter, and Engineered Products segment had strongest 3rd quarter profitability in history.
Segment ATOI of $633 million, with two of four segments higher than 3rd quarter of 2007.
Completed purchase of two percent of shares in the quarter, bringing total share buy-back to 12 percent, or roughly half of the authorized levels.
Cash on hand at $831 million and debt-to-capital stands at 36.3 percent.
Trailing 12-month ROC stands at 11.5 percent excluding investments in growth.
Taking action to preserve and enhance strong balance sheet during unprecedented volatility in financial markets.
Curtailing non-critical capital programs, suspending share repurchases.