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Alcoa 3Q 2016 and near-term market challenges

In spite of near-term market challenges Alcoa’s Arconic segments reported combined year-over-year profit growth. Net income is of $166 million, or $0.33 per share.

alcoa 3Q 2016 near-term market challengesAlcoa (NYSE:AA) today reported third quarter 2016 results. In spite of near-term market challenges, Arconic segments reported combined year-over-year profit growth, and Alcoa Corporation segments, Alumina and Primary Metals, maintained profitability sequentially despite continued low alumina and aluminum pricing by proactively managing costs and capacity. The Company’s separation is scheduled to become effective before the opening of the market on November 1, 2016.

Alcoa steered steady and showed resilience in spite of near-term market challenges,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. “Profits grew in the combined Arconic segments, and Alcoa Corporation segments managed successfully to stay profitable in a low pricing environment. Productivity across the portfolio was exceptional, and paired with non-essential asset sales, further strengthened our cash position. Arconic’s results underline its strong position in higher margin markets where innovation, technology, process skills and cost focus pay off even under demanding circumstances, whereas Alcoa Corporation proved to be successful in spite of challenging market conditions. The strength of both future companies is the result of our multi-year strategy and allows us to launch two strong, independent entities.”

3Q 2016 Consolidated Highlights

Alcoa completed a 1-for-3 reverse stock split of its common stock; per share amounts in this announcement reflect the reverse stock split;

Net income of $166 million, or $0.33 per share; excluding special items, adjusted net income of $161 million, or $0.32 per share;

Revenue of $5.2 billion, down 6 percent year over year, largely due to the impact of curtailed and closed operations, lower alumina pricing as well as other pricing pressures;

Sales of non-essential assets expected to total $1.2 billion during 2016; $935 million received year-to-date, strengthening the balance sheet $1.9 billion cash on hand;

Strong productivity gains of $377 million, year over year, across all segments.

3Q 2016 Arconic Segments

Revenue of $3.4 billion, down 1 percent year over year;

Reflects customer adjustments to delivery schedules in the aerospace industry, softness in the North America commercial transportation and pricing pressures, partially offset by strong North America automotive volume;

After-tax Operating Income (ATOI) of $267 million, up 4 percent year over year;

Global Rolled Products: $58 million of ATOI, up 23 percent excluding the $18 million impact of transforming the Warrick rolling mill into a cold metal plant; record quarter for automotive sheet shipments, up 49 percent year over year;

Engineered Products and Solutions: record third quarter ATOI of $162 million, up 7 percent year over year

Transportation and Construction Solutions: $47 million of ATOI, up 7 percent year over year

Achieved $187 million in productivity savings; $547 million year-to-date, on track to deliver $650 million in 2016

Adjusted segment targets for 2016 to reflect near-term industry challenges.

3Q 2016 Alcoa Corporation Segments

Total revenue of $2.3 billion, flat sequentially, reflecting continued low alumina prices and the impact of curtailed and closed operations;

Third-party revenue of $1.8 billion, up 1 percent sequentially;

ATOI of $128 million, down 15 percent sequentially, improved metal price more than offset by lower alumina pricing and unfavorable currency impacts;

New third-party bauxite contracts valued at $53 million over the next two years; $468 million in third-party bauxite contracts year-to-date in 2016;

Met or exceeded three-year cost curve targets:

Alumina: 17th percentile, 4 points better than target, 13-point improvement from 2010
Aluminum: 38th percentile, 13-point improvement from 2010
Achieved $190 million in productivity savings ($569 million year-to-date), surpassing the $550 million 2016 target.

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