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| July 7, 2004
Income from Continuing Operations Rises 86 Percent over Year-Ago Quarter; Equals Highest Income in Alcoa's History
NEW YORK--(BUSINESS WIRE)--July 7, 2004--Alcoa (NYSE:AA)
Highlights:
-- Income from continuing operations was $404 million, the highest level ever, and up 86% from 2003 and 15% over first quarter;
-- Net income of $759 million for first half of 2004, highest in Alcoa's history;
-- Sales grew to $6.1 billion, the highest level since fourth quarter of 2000, up 7% sequentially and 11% year over year;
-- Five of six segments showed double-digit increases in profitability year-over-year; Alumina & Chemicals up 79%, and Engineered Products increased 70%;
-- Revenue gains in every segment over the previous quarter;
-- Debt-to-capital ratio declined to 33.6%, down from 40.4% a year ago and 34.9% as of the first quarter.
Alcoa today reported second quarter net income of $404 million, or $0.46 per diluted share, up 14 percent from $355 million, or $0.40, in the previous quarter, and up 87 percent from $216 million, or $0.26, in the second quarter of 2003.
Income from continuing operations was $404 million, or $0.46, up 86 percent from $217 million, or $0.26, in the second quarter of 2003, and 15 percent higher than $350 million, or $0.40, in the previous quarter. Results for the current quarter included charges for environmental work at New York's Grasse River, certain restructuring charges, and benefits from the restructuring of debt. The net benefit surrounding these activities was immaterial to the company's results.
"By keeping our focus on controlling costs and seizing opportunities for growth, we achieved our most profitable first half performance ever," said Alain Belda, Chairman and CEO of Alcoa. "Looking forward, we see continued favorable fundamentals in upstream businesses and significant potential in downstream aerospace, industrial products, and commercial vehicle markets that are moving off lows in the cycle.
"Through deployment of the Alcoa Business System and our growth plan, we are well positioned for the second half of the year and beyond while we continue to make progress on our Return on Capital goal," said Belda. In the second quarter, the company achieved a Return on Capital of 10.2 percent on a quarterly run-rate basis.
Market Overview
Revenue in the quarter was $6.1 billion, the highest in more than three years, and an increase of 11 percent year-over-year and 7 percent on a sequential basis. Higher realized prices across all the segments, combined with seasonal improvements in packaging and home building markets, helped drive double-digit gains in sales over the second quarter of 2003.
Fabricated aluminum shipments continued to show strength as demand in the commercial vehicle, building and construction, and aerospace markets improved. Growth in North American markets accounted for most of the improvement in sales, while Europe was relatively flat and Asia remained strong.
Cost Savings and Management Actions
On its long-term savings challenge, the company achieved $13 million in new sustainable savings - or $52 million on an annualized basis in the quarter. Alcoa has now achieved $160 million in annual savings toward the $1.2 billion three-year cost challenge.
The company also took action in the quarter to manage environmental matters and the changing interest rate picture. Alcoa increased the environmental reserve by $42 million, principally for the Grasse River project in Massena, New York, to cover the expected cost of a remedial options study, which will include sediment removal and capping, the installation of an ice control structure and significant monitoring. In addition, the company incurred costs of $5 million for continued restructuring, mainly in closure systems, wire harness, and rolled products businesses. Improving cash flows, the company's current leverage position, as well as a tightening interest rate environment allowed the company to restructure its debt in the quarter. The restructuring positions the company to manage its debt portfolio more effectively while lowering interest costs as the economic landscape changes. The company recognized a $58 million pre-tax gain in the quarter on the restructuring, which included the retirement of debt and the settlement of associated interest rate swaps.
Sales and general administrative expense dropped to 5.2 percent from 6 percent in the first quarter, largely due to higher revenue, lower expenses for bad debts, and lower spending. The increase to the environmental reserve helped drive cost of goods sold higher to 78.9 percent, along with higher resin ($16 million), energy ($13 million), and transportation ($15 million) costs.
Stronger Balance Sheet
The company's debt-to-capital ratio declined to 33.6 percent, putting it well within the company's targeted range of 25 to 35 percent. Through improved cash flows and a targeted divestiture program, the company has reduced its debt by approximately $1.2 billion in the past 12 months.
The company continued to manage capital effectively as days of working capital decreased in the quarter by 2.6 days. In the quarter, capital expenditures were $221 million, 73 percent of depreciation. While year-to-date capital spending has been $414 million, the company expects to spend between $1.3 and $1.4 billion in capital in 2004 as growth projects ramp up. Future free cash flow will be used for additional debt reduction and growth projects in the global alumina and aluminum businesses.
The company has substantially completed its divestiture program, and announced today that it is forming a global building and construction business including the North American architectural products business that had been slated for sale. As of the second quarter, this business is no longer an asset held for sale.
Positioning the Company for Future Growth
Alcoa continues to make long-term investments to improve its world-class alumina refining position. Alcoa World Alumina and Chemicals (AWAC), Alcoa's global alliance with Alumina Ltd., began work on the upgrade at its Pinjarra refinery. Work continued on the expansion at the company's refinery in Suriname, and the company is also in varying stages of planning and designing additional alumina expansions in Guinea, Jamaica, Brazil, and Australia.
The company is aggressively pursuing low-cost opportunities around the world to expand and improve its leading position in aluminum smelting. The company will break ground on its new smelter in Iceland later this week. That project remains on schedule and is slated to come on-line in 2007. In May, the company signed an agreement on a smelter project in Trinidad that would be based on abundant, low-cost, natural gas reserves. In Brazil, Alcoa signed a 20-year contract for electricity for its low-cost Alumar smelter, and is actively exploring an expansion.
Providing Solutions to Customers
The company continued to leverage its technology and manufacturing excellence to provide innovative solutions for customers in transportation markets. In aerospace, Alcoa continued work developing solutions for the Airbus A380 which features Alcoa products from nose to tail. In Shanghai, the company opened the Alcoa Aerospace Center (AAC) to supply aerospace material with value-added services to customers in China and the Asia Pacific region. Alcoa's partnership with Structural Integrity Engineering to engineer, manufacture, certify, install and support Boeing cargo conversions made progress in the quarter as the company signed an agreement that could cover as many as 20 such projects.
In the automotive market, Alcoa was recognized with the American Foundry Society's Casting of the Year for its cast control arm, the component that essentially holds the rear wheels on a vehicle, used on the BMW X5 SUV, 5- and 7-Series sedans, 5-Series Touring Wagon. Alcoa supplies 360,000 hollow rear lower control arms a year for BMW. Alcoa's Mill Products business also was named one of Nissan's highest performing suppliers this quarter. Alcoa supplies aluminum sheet for use in hoods, deck lids and various structural applications for Nissan's Altima and Maxima sedans.
In packaging, Alcoa's Reynolds Wrap(R) Aluminum Foil brand was named to the top spot in overall brand equity in the 2004 EquiTrend(R) brand study of 1,000 well-known brands. The study provides a comprehensive view of a brand's current position against competitors, helping to identify potential synergies in the marketplace.
Segment and Other Results
(all comparisons on a sequential quarter basis, unless noted)
Alumina and Chemicals - Segment profitability increased $32 million (25 percent) driven by continued strong global demand and higher pricing overcoming divestiture of the specialty chemicals business. Alumina production for the quarter was 3,600 thousand metric tons (kmt), up 25 kmt from the first quarter, largely due to global production creep.
Primary Metals - Segment profitability increased $38 million (20 percent) largely due to higher realized prices, up $0.04 per pound. Primary metal production for the quarter was 863 kmt with approximately 250 kmt of aluminum purchased for internal use as Alcoa continued to execute on its strategy of selling value-added products. Offsetting the higher metal prices were increases in costs for alumina ($13 million after tax) and energy ($11 million after tax).
Flat Rolled Products - Continued strong demand for sheet and plate in North America led to higher prices and higher shipments in the region. However, a hot mill interruption at the Kitts Green facility in the UK and temporary throughput issues at the Tennessee can sheet facility hurt profitability of the segment. Kitts Green has resumed operation.
Engineered Products - Segment profitability rose to a record high $78 million, up $16 million from the first quarter of 2004. Brisk end-market demand coupled with continued cost savings efforts led to the improved results. Most major businesses within the segment realized increasing revenues based on stronger aerospace and commercial vehicle demand, while the Howmet and North American extrusions businesses contributed the largest increases in profitability.
Packaging and Consumer - Seasonal demand in both the Closures and Consumer Products businesses drove the segment to a 54 percent increase in profitability despite unfavorable resin costs. On a year-ago quarter basis, higher volumes and better operating performance, primarily at the Closures and Consumer Products businesses, overcame higher resin costs and the divestiture of the Latin American packaging assets.
Other - Group profitability increased 67 percent driven by seasonally stronger results at Alcoa Home Exteriors and higher equity earnings from Integris Metals (Alcoa owns 50 percent of Integris Metals).
ATOI to Net Income Reconciliation
The largest variances in reconciling items were in minority interest (higher earnings in the AWAC enterprise), prior period gains on divestitures, and "other", largely the gain associated with the debt restructuring and the charge associated with the Grasse River.
Quarterly Analyst Conference
Alcoa's quarterly analyst conference call will be at 4:00 p.m. EDT on July 22, 2004. The call will be available via either traditional dial-in or web cast. Call information and related details will be available at www.alcoa.com under "Invest."
About Alcoa
Alcoa is the world's leading producer and manager of primary aluminum, fabricated aluminum and alumina. Alcoa serves the aerospace, automotive, packaging, building and construction, commercial transportation and industrial markets, bringing its expertise in design, engineering, and production to customers. Alcoa also markets consumer brands including Reynolds Wrap(R) foils and plastic wraps, Alcoa(R) wheels, and Baco(R) household wraps. Among its other businesses are vinyl siding, closures, fastening systems, precision castings, and electrical distribution systems for cars and trucks. Alcoa has been a member of the Dow Jones Industrial Average for 45 years and the Dow Jones Sustainability Indices since 2001. The company has 120,000 employees in 41 countries. More information can be found at www.alcoa.com
Alcoa Business System
The Alcoa Business System, or ABS, is an integrated set of principles and tools used to manage Alcoa businesses, based on three principles: make to use; eliminate waste; and people linchpin the system. ABS begins with an understanding of customers' requirements, identifies what is needed to meet them, and then empowers employees to eliminate waste and solve problems through continuous improvements in costs, quality and speed.
Forward Looking Statement
Certain statements in this release relate to future events and expectations and as such constitute forward-looking statements involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of Alcoa to be different from those expressed or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include (a) the company's inability to complete or to complete in the anticipated timeframe pending divestitures, acquisitions or expansion projects or to realize the projected amount of proceeds from divestitures, (b) the company's inability to achieve the level of cost savings or productivity improvements anticipated by management, (c) unexpected changes in global economic, business, competitive, market and regulatory factors, and (d) the other risk factors summarized in Alcoa's 2003 Form 10-K Report and other SEC reports.
Alcoa and subsidiaries
Condensed Statement of Consolidated Income (unaudited)
(in millions, except per-share, share, and metric ton amounts)
Quarter ended
June 30 June 30 March 31
2004 2003 2004
------------ ------------ -------------
Sales $6,092 $5,497 $5,696
Cost of goods sold 4,807 4,379 4,438
Selling, general
administrative, and other
expenses 319 347 344
Research and development
expenses 43 50 45
Provision for depreciation,
depletion, and amortization 301 302 303
Restructuring and other charges 5 3 (31)
Interest expense 69 80 64
Other income, net (125) (57) (22)
------------ ------------ -------------
5,419 5,104 5,141
Income from continuing
operations before
taxes on income 673 393 555
Provision for taxes on income 196 101 155
------------ ------------ -------------
Income from continuing
operations before
minority interests' share 477 292 400
Less: Minority interests'
share 73 75 50
------------ ------------ -------------
Income from continuing
operations 404 217 350
(Loss) income from discontinued
operations - (1) 5
------------ ------------ -------------
NET INCOME $404 $216 $355
============ ============ =============
Earnings per common share:
Basic:
Income from continuing
operations $.46 $.26 $.40
Income from discontinued
operations - - .01
------------ ------------ -------------
Net income $.46 $.26 $.41
============ ============ =============
Diluted:
Income from continuing
operations $.46 $.26 $.40
Income from discontinued
operations - - .01
------------ ------------ -------------
Net income $.46 $.26 $. 41
============ ============ =============
Average number of shares used
to compute:
Basic earnings per common
share 869,550,013 845,601,440 869,402,685
Diluted earnings per common
share 877,363,719 847,468,083 878,755,125
Shipments of aluminum products
(metric tons) 1,287,000 1,231,000 1,272,000
Alcoa and subsidiaries
Condensed Statement of Consolidated Income (unaudited)
(in millions, except per-share, share and metric ton amounts)
Six months ended
June 30 June 30
2004 2003
------------ ------------
Sales $11,788 $10,637
Cost of goods sold 9,245 8,477
Selling, general administrative and other
expenses 663 644
Research and development expenses 88 100
Provision for depreciation, depletion and
amortization 604 587
Restructuring and other charges (26) (1)
Interest expense 133 168
Other income, net (147) (93)
------------ ------------
10,560 9,882
Income from continuing operations before
taxes on income 1,228 755
Provision for taxes on income 351 209
------------ ------------
Income from continuing operations before
minority interests' share 877 546
Less: Minority interests' share 123 134
------------ ------------
Income from continuing operations 754 412
Income from discontinued operations 5 2
Cumulative effect of accounting change - ( 47)
------------ ------------
NET INCOME $759 $367
============ ============
Earnings (loss) per common share:
Basic:
Income from continuing operations $.87 $.49
Income from discontinued operations .01 -
Cumulative effect of accounting change - (.06)
------------ ------------
Net income $.88 $.43
============ ============
Diluted:
Income from continuing operations $.86 $.49
Income from discontinued operations .01 -
Cumulative effect of accounting change - (.06)
------------ ------------
Net income $.87 $.43
============ ============
Average number of shares used to compute:
Basic earnings per common share 869,493,460 845,358,393
Diluted earnings per common share 877,777,205 846,971,975
Common stock outstanding at the end of the
period 869,762,072 846,051,542
Shipments of aluminum products (metric tons) 2,559,000 2,399,000
Alcoa and subsidiaries
Condensed Consolidated Balance Sheet (unaudited)
(in millions)
June 30 December 31
2004 2003
----------- -----------
ASSETS
Current assets:
Cash and cash equivalents $466 $576
Receivables from customers, less allowances:
$103 in 2004 and $105 in 2003 2,983 2,567
Other receivables 296 351
Inventories 2,855 2,560
Deferred income taxes 237 267
Prepaid expenses and other current assets 643 503
----------- -----------
Total current assets 7,480 6,824
----------- -----------
Properties, plants, and equipment, at cost 24,820 24,932
Less: accumulated depreciation, depletion, and
amortization 12,580 12,348
----------- -----------
Net properties, plants, and equipment 12,240 12,584
----------- -----------
Goodwill 6,553 6,549
Other assets 5,369 5,323
Assets held for sale 25 431
----------- -----------
Total assets $31,667 $31,711
=========== ===========
LIABILITIES
Current liabilities:
Short-term borrowings $54 $56
Accounts payable, trade 2,253 1,986
Accrued compensation and retirement costs 1,001 954
Taxes, including taxes on income 805 705
Other current liabilities 842 881
Long-term debt due within one year 498 523
----------- -----------
Total current liabilities 5,453 5,105
----------- -----------
Long-term debt, less amount due within one year 6,329 6,693
Accrued postretirement benefits 2,199 2,220
Other noncurrent liabilities and deferred
credits 3,367 3,390
Deferred income taxes 743 805
Liabilities of operations held for sale 3 83
----------- -----------
Total liabilities 18,094 18,296
----------- -----------
MINORITY INTERESTS 1,298 1,340
----------- -----------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preferred stock 55 55
Common stock 925 925
Additional capital 5,791 5,831
Retained earnings 8,347 7,850
Treasury stock, at cost (1,971) (2,017)
Accumulated other comprehensive loss (872) (569)
----------- -----------
Total shareholders' equity 12,275 12,075
----------- -----------
Total liabilities and equity $31,667 $31,711
=========== ===========
Alcoa and subsidiaries
Segment Information (unaudited)
(in millions, except metric ton amounts and realized prices)
Consolidated
Third-Party
Revenues: 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04
------- ------- ------- ------- -------- ------- ------
Alumina and
Chemicals $449 $491 $526 $536 $2,002 $463 $486
Primary Metals 732 805 816 876 3,229 878 959
Flat-Rolled
Products 1,152 1,200 1,176 1,287 4,815 1,450 1,490
Engineered
Products 1,390 1,455 1,369 1,375 5,589 1,523 1,598
Packaging and
Consumer 749 836 812 818 3,215 744 843
Other 668 710 636 640 2,654 638 716
----------------------------------------------------------------------
Total $5,140 $5,497 $5,335 $5,532 $21,504 $5,696 $6,092
======================================================================
Consolidated
Intersegment
Revenues: 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04
------- ------- ------- ------- -------- ------- ------
Alumina and
Chemicals $240 $248 $258 $275 $1,021 $338 $349
Primary Metals 840 690 740 828 3,098 1,038 1,129
Flat-Rolled
Products 20 15 17 14 66 23 23
Engineered
Products 9 5 5 5 24 4 5
Packaging and
Consumer - - - - - - -
Other - - - - - - -
----------------------------------------------------------------------
Total $1,109 $958 $1,020 $1,122 $4,209 $1,403 $1,506
======================================================================
Consolidated
Third-Party
Shipments
(Kmt): 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04
------- ------- ------- ------- -------- ------- ------
Alumina and
Chemicals 1,794 1,939 1,982 1,956 7,671 1,718 1,796
Primary Metals 453 495 488 516 1,952 469 472
Flat-Rolled
Products 434 453 450 482 1,819 515 517
Engineered
Products 223 221 222 213 879 234 239
Packaging and
Consumer 36 42 40 49 167 38 41
Other (a) 22 20 25 20 87 16 18
----------------------------------------------------------------------
Total
Aluminum (a) 1,168 1,231 1,225 1,280 4,904 1,272 1,287
======================================================================
Alcoa's average
realized
price-
Primary(b) $0.69 $0.68 $0.71 $0.73 $0.70 $0.81 $0.85
======================================================================
After-Tax
Operating
Income (ATOI): 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04
------- ------- ------- ------- -------- ------- ------
Alumina and
Chemicals $91 $89 $113 $122 $415 $127 $159
Primary Metals 166 162 163 166 657 192 230
Flat-Rolled
Products 53 56 59 53 221 66 59
Engineered
Products 29 46 47 33 155 62 78
Packaging and
Consumer 53 57 52 52 214 35 54
Other 9 17 8 17 51 18 30
----------------------------------------------------------------------
Total $401 $427 $442 $443 $1,713 $500 $610
======================================================================
Reconciliation
of ATOI to
consolidated
net income: 1Q03 2Q03 3Q03 4Q03 2003 1Q04 2Q04
------- ------- ------- ------- -------- ------- ------
Total ATOI $401 $427 $442 $443 $1,713 $500 $610
Impact of
intersegment
profit
adjustments 7 (4) 2 4 9 23 8
Unallocated
amounts (net
of tax):
Interest
income 5 6 7 6 24 7 5
Interest
expense (57) (52) (49) (46) (204) (41) (45)
Minority
interests (59) (75) (54) (43) (231) (50) (73)
Corporate
expense (57) (81) (65) (84) (287) (74) (63)
Restructuring
and other
charges 4 (2) (1) 25 26 31 (4)
Discontinued
operations 3 (1) (2) (49) (49) 5 -
Accounting
change (47) - - - (47) - -
Other (49) (2) - 35 (16) (46) (34)
----------------------------------------------------------------------
Consolidated
net income $151 $216 $280 $291 $938 $355 $404
======================================================================
======================================================================
(a) Third party aluminum shipments for previously reported periods
have been properly adjusted to reflect international selling company
activity.
(b) Alcoa's average realized price for 1Q04 has been adjusted from the
previously reported amount to reflect the elimination of certain
previously misclassified intercompany activity.
SUPPLEMENTAL FINANCIAL INFORMATION
Alcoa and subsidiaries
Net Income and EPS Information (unaudited)
(in millions, except per-share amounts)
Net Income Diluted EPS
------------------------- -----------------------
2Q04 1Q04 2Q03 2Q04 1Q04 2Q03
------------------- ------- ------- --------- ------- ------- -------
GAAP Net income $404 $355 $216 $.46 $.41 $.26
Discontinued
operations -
operating loss - - 2
Discontinued
operations -
gain on
divestitures - (5) (1)
------------------- ------- ------- --------- ------- ------- -------
GAAP income from
continuing
operations $404 $350 $217 $.46 $.40 $.26
------------------- ------- ------- --------- ------- ------- -------
Restructuring and
other charges (2):
Restructurings 3 8 12
Loss (gain) on
divestitures 1 (58) 2
------------------- ------- ------- --------- ------- ------- -------
Income from
continuing
operations
excluding
restructuring and
other charges (1) $408 $300 $231 $.47 $.34 $.27
------------------- ------- ------- --------- ------- ------- -------
Average diluted
shares outstanding 877 879 847
------------------- ------- ------- --------- ------- ------- -------
(1) Alcoa believes that income from continuing operations excluding
restructuring and other charges is a measure that should be presented
in addition to income from continuing operations determined in
accordance with GAAP. The following matters should be considered when
evaluating this non-GAAP financial measure:
-- Alcoa reviews the operating results of its businesses excluding
the impacts of restructurings and divestitures. Excluding the
impacts of these charges can provide an additional basis of
comparison. Management believes that these charges are unusual in
nature, and would not be indicative of ongoing operating results.
As a result, management believes these charges should be
considered in order to compare past, current, and future periods.
-- The economic impacts of the restructuring and divestiture charges
are described in the footnotes to Alcoa's financial statements.
Generally speaking, charges associated with restructurings include
cash and non-cash charges and are the result of employee layoff,
plant consolidation of assets, or plant closure costs. These
actions are taken in order to achieve a lower cost base for
future operating results.
-- Charges associated with divestitures principally represent
adjustments to the carrying value of certain assets and
liabilities and do not typically require a cash payment. These
actions are taken primarily for strategic reasons as the company
has decided not to participate in this portion of the portfolio of
businesses.
-- Restructuring and divestiture charges are typically material and
are considered to be outside the normal operations of a business.
Corporate management is responsible for making decisions about
restructurings and divestitures.
-- There can be no assurance that additional restructurings and
divestitures will not occur in future periods. To compensate for
this limitation, management believes that it is appropriate to
consider both income from continuing operations determined under
GAAP as well as income from continuing operations excluding
restructuring and other charges.
(2) Restructuring and other charges totaled $5 of expense ($4 after
tax and minority interests) in the second quarter of 2004, consisting
principally of layoff charges.
Alcoa and subsidiaries
Calculation of Financial Measures (unaudited)
(in millions)
Return on Capital Days Working Capital
2Q04 June 30 March 31
Annualized 2004 2004(2)
------------ ---------------------
Receivables from
Net Income $1,616 Customers $2,983 $2,901
Minority Interest 292 Inventories 2,855 2,855
Accounts Payable,
Interest Expense 196 trade (2,253) (2,241)
(After taxes of ------------ ---------------------
29.1%)
Numerator Numerator
(Sum Total) $2,104 (Sum Total) $3,585 $3,515
Average Balances(1) Daily Revenue
Short Term
Borrowings $540 Quarterly Revenue $6,092 $5,696
Long Term
Borrowings 6,556
Preferred Equity 55 Number of Days 91 91
Minority Interest 1,328 ---------------------
Common Equity 12,230
------------ Denominator
Denominator Average Daily
(Sum Total) $20,709 Revenue $66.9 $62.6
------------ ---------------------
Days Working
Return on Capital 10.2% Capital 53.6 56.2
(1) Calculated as: (Balance beginning of quarter + Balance end of
quarter) divided by 2.
(2) March balances reflect reclassifications for changes in status
from assets held for sale to assets held and used.
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