-=Alcoa (AA) reported earnings on Wed 15 Jan 20 (a/h)

Alcoa misses by $0.09, misses on revs

Reports Q4 (Dec) loss of $(0.31) per share, excluding non-recurring items, $0.09 worse than the S&P Capital IQ Consensus of ($0.22); revenues fell 27.2% year/year to $2.44 bln vs the $2.49 bln S&P Capital IQ Consensus.

Q1 Outlook: Co expects lower quarterly results in the Bauxite segment primarily due to lower pricing and seasonally lower volumes. In the Alumina segment, co expects benefits from lower costs for raw materials and the announced portfolio decision to be mostly offset by lower volumes and higher operating costs due to seasonal maintenance. In the Aluminum segment, co expects performance to be flat, as improvements from lower alumina costs are expected to be offset by higher energy costs, lower rolled products shipments, and unfavorable price and mix.

2020 Market Outlook: In 2020, Alcoa expects a balanced alumina market ranging between negative 100 thousand metric tons to positive 700 thousand metric tons. Compared to 2019, the bauxite market is projected to be in a smaller surplus in 2020, with Chinese stockpile projected to continue, ranging between 8 million and 12 million metric tons. The 2019 surplus was lower than previously expected, estimated to be between 10 million and 12 million metric tons.

Earnings this week : Jan 13 - 17, 20 (wk 3)

Monday (Jan 13)

• Morning: SJR

Tuesday (Jan 14)

• Morning: APHA C DAL FRC INFO JPM WFC WIT
• Afternoon: OGI WAFD

Wednesday (Jan 15)

• Morning: BAC BLK GS PNC USB UNH
• Afternoon: AA EGBN HWC KMI

Thursday (Jan 16)

• Morning: BK HOMB IIIN MS PPG TSM WNS
• Afternoon: OZK BEDU CSX PBCT PRGS

Friday (Jan 17)

• Morning: CFG FAST FHN JBHT KSU RF SLB STT

Notable earnings reports:

• JPMorgan (JPM), Wells Fargo (NYSE:WFC), Delta Air Lines (NYSE:DAL), Citigroup (NYSE:C), IHS Markit (NYSE:INFO) and Aphria (APHA) on January 14; 
• Bank of America (NYSE:BAC), Goldman Sachs (GS) United Healthcare (UNH), BlackRock (NYSE:BLK), U.S. Bancorp (NYSE:USB), Alcoa (NYSE:AA) and PNC Financial (NYSE:PNC) on January 15; 
• Morgan Stanley (NYSE:MS), Taiwan Semiconductor (NYSE:TSM) and CSX (NASDAQ:CSX) on January 16; Fastenal (NASDAQ:FAST), J.B. Hunt Transport (NASDAQ:JBHT), Kansas City Southern (NYSE:KSU), Schlumberger (NYSE:SLB) and State Street (NYSE:STT).

=Alcoa (AA) reported earnings on Wed 18 July 18 (a/h)

Alcoa beats by $0.20, beats on revs; lowers full year adjusted EBITDA forecast 

• Reports Q2 (Jun) earnings of $1.52 per share, excluding non-recurring items, $0.20 better than the Capital IQ Consensus of $1.32; revenues rose 25.2% year/year to $3.58 bln vs the $3.49 bln Capital IQ Consensus.
• Co reports Q2 adjusted EBITDA of $904 mln.
• Co lowers 2018 projection for adjusted EBITDA to $3.0-3.2 bln from $3.5-3.7 bln due to current market prices and other factors.
• Co continues to project a full-year 2018 global deficit for both aluminum and alumina and a surplus for bauxite. In aluminum, the co expects a larger global deficit ranging between 1.1 million and 1.5 million metric tons, up from last quarter's estimate of between 600 thousand and 1 million metric tons.
• Global aluminum demand growth remains unchanged from last quarter, projected to be between 4.25 to 5.25 percent in 2018. In alumina, Alcoa is projecting a slightly lower global deficit between 200 thousand and 1 million metric tons, compared to last quarter's expectation of between 300 thousand and 1.1 million metric tons.

Earnings this week : July 16 - 20, 18 (wk 29)

Earnings expected this week

Monday (July 16)

• Morning: BAC, BLK, JBHT
• Afternoon: NFLX

Tuesday (July 17)

• Morning: UNH, JNJ, GS, PGR, OMC, SCHW, CMA, PLD, FHN, NSM, NEOG
• Afternoon: UAL, CSX, FNF, IBKR, WTFC, HWC, MLNX, PNFP, FULT, MRTN, HOPE, RNST, ADTN, LTXB

Wednesday (July 18)

• Morning: ERIC, NVS, MS, ABT, USB, TXT, GWW, ASML, NTRS, MTB, OACW, MTG, WAFD
• Afternoon: IBM, AXP, AA, KMI, CCK, EBAY, URI, CP, CCI, UFPI, PLXS, PTC, UMPQ, LHO, TCBI, SLG, BXS, RECN, CATY, NDLS, BMI, CNS, CVBF, EGBN, TBK, DWCH

Thursday (July 19)

• Morning: ABB, ADS, BBT, BX, BK, GTLS, DHR, DPZ, DOV, EWBC, FITB, GATX, GPC, HOMB, IIIN, KEY, NUE, PM, POOL, PPG, RCI, RPM, SASR, SAP, SCHL, SBNY, SNA, SON, TSM, TTS, TRV, UNP, WBC, WBS, WNS
• Afternoon: MSFT, COF, CE, CTAS, SKX, SWKS, ISRG, ETFC, SEIC, PBCT, ASB, NWE, WAL, MBFI, FFBC, BDN, FFIN, EXPO, EGP, LLNW

Friday (July 20)

• Morning: GE, HON, SLB, MAN, BHGE, SWK, STT, STI, CFG, RF, KSU, CLF, GNTX, IBKC, SXT, VFC

=Alcoa (AA) reported earnings on Wed 18 Apr 2018 (a/h)

Alcoa beats by $0.09, misses on revs 

• Reports Q1 (Mar) earnings of $0.77 per share, excluding non-recurring items, $0.09 better than the Capital IQ Consensus of $0.68; revenues rose 16.4% year/year to $3.09 bln vs the $3.16 bln Capital IQ Consensus.
• Alcoa is projecting a global deficit for both aluminum and alumina in 2018. Due to delays in projects to expand smelters in China, co expects the global aluminum deficit to grow to between 600,000 and 1 mln metric tons, up from last quarter's deficit estimate of between 300-700K metric tons. Global aluminum demand growth is projected between 4.25-5.25%.
• In alumina, Alcoa projects a global deficit between 300 thousand metric tons and 1.1 million metric tons for full year 2018, primarily due to supply disruptions in the Atlantic region.

Alcoa raises FY18 EBITDA guidance in presentation slides
Raises FY18 adj. EBITDA to $3.5-3.7 bln from $2.6-2.8 bln; reaffirms bauxite, alumina and aluminum shipments.

Earnings this week April 16 - 20, 2018 (wk 16)

Look for the following companies to report:

Wed 4/18) after the close 

• AA, AXP, BXS, CATY, CCI, CCK, CNS, CP, CVBF, EGBN, KMI, PIR, PTC, SLG, SNBR, STLD, TBK, TCBI, TMK, UFPI, UMPQ, URI, VMI
• Tomorrow (Thur 4/19) before the open:  ABB, ADS, BBT, BK, BX, DGX, DHR, EWBC, GATX, GPC, GTLS, GWW, HOMB, KEY, MDSO, NUE, NVR, NVS, PBCT, PM, PNR, POOL, PPG, SASR, SBNY, SNA, SON, SYNT, TSM, TTS, WBC, WBS

=Alcoa (AA) reported earnings on Wed 17 Jan 2017 (AMC)

Alcoa misses by $0.19, misses on revs 

• Reports Q4 (Dec) earnings of $1.04 per share, excluding non-recurring items, $0.19 worse than the Capital IQ Consensus of $1.23; revenues rose 25.1% year/year to $3.17 bln vs the $3.29 bln Capital IQ Consensus.
  • $775 million of adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) excluding special items, up 38% q/q, on higher alumina pricing, Guidance was for greater than $800 mln).

FY18 Outlook

• Based on January 2018 market assumptions, Alcoa is projecting full-year 2018 adjusted EBITDA, excluding special items, to range between $2.6 billion and $2.8 billion.
• For 2018, the Company projects balanced global bauxite and alumina markets and a global aluminum deficit of 300 thousand to 700 thousand metric tons. Alcoa is projecting 2018 global aluminum demand growth of 4.25 to 5.25 percent, following the Company's final 2017 global demand growth rate of 5.25 percent.

Pension and OPEB

• Alcoa today announces changes to its U.S. and Canada defined benefit pension plans, and to certain U.S. other post-employment benefits (OPEB), to support the Company's strategic priority to strengthen the balance sheet by reducing its liabilities. As a result of the above actions, Alcoa expects to both reduce its net pension and OPEB liability by $35 million and record non-cash nonoperating income of approximately $20 million in the first quarter of 2018.

Arconic (ARNC)

• On November 1, 2016, Alcoa Inc. (AA) split into two new entities: Alcoa Corporation (AA), which is engaged in the mining and manufacture of raw aluminum, and Arconic (ARNC), which focuses on the higher-margin business of producing parts for airplanes, cars and the oil and gas industry.
• Arconic-made panels blamed for spreading Grenfell Tower fire in London, where 79 people died in a blaze in June, 2015.  It was the deadliest fire in Great Britain since the Second World War.  (The fire started with a Whirlpool (WHR) refrigerator but quickly spread to the cladding. Note: The Hotpoint refrigerators were made by the Italian company Indesit, which was acquired by Whirlpool in 2014.)

  

• Grenfell Tower fire in London; North Kensington, London, Britain June, 2017.

  

To save money Grenfell's cladding was switched from less flammable zinc to aluminium
The change saved £293,368 and was part of a list of requested savings on the refurbishment
One of the lead contractors constructing the tower boasted on its website that the project had been completed at £1m under budget.

Arconic said in a statement that it had known the panels would be used at Grenfell Tower but that it was not its role to decide what was or was not compliant with local building regulations.

The company manufactures three main types of Reynobond panel-- one with a polyethylene (PE) core, one with a fire retardant core and another with a non-combustible core, according to its website.

Diagrams in a 2016 Arconic brochure for its Reynobond panels describe how PE core panels are suitable up to 10 metres in height. Panels with a fire resistant core -- the FR model -- can be used up to 30 metres, while above that height, panels with the non-combustible core -- the A2 model -- should be used, the brochure says.

Grenfell Tower is more than 60 metres tall.

The brochure also issued a blunt warning that cladding can be a fire risk.

Harley Facades Ltd., the company which installed the panels, Rydon Group, the overall contractor on the 2014-2016 Grenfell refurbishment, and the local authority, the Royal Borough of Kensington and Chelsea, which owns the tower block all declined to comment.

Rydon previously said in a statement that its work on the refurbishment of Grenfell Tower, which was intended to give the building better heat and sound insulation, complied with all building regulations. Harley said last week it was "not aware of any link between the fire and the exterior cladding to the tower".

=====Alcoa (AA) reported earnings on Tue 11 Oct 2016 (b/o)

Alcoa reports EPS in-line, misses on revs; lowers sales guidance for all three Arconic segments; spin off on track for Nov 1:

• Reports Q3 (Sep) adj. earnings of $0.32 per share, in-line with the Capital IQ Consensus of $0.32; revenues fell 6.5% year/year to $5.21 bln vs the $5.29 bln Capital IQ Consensus. 
• 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 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% sequentially
  • ATOI of $128 million, down 15% sequentially, improved metal price more than offset by lower alumina pricing and unfavorable currency impacts
• 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% sequentially
• ATOI of $128 million, down 15% sequentially, improved metal price more than offset by lower alumina pricing and unfavorable currency impacts
• Arconic Segments
  • Revenue of $3.4 bln, down 1 % 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 % year over year
    • Global Rolled Products: $58 million of ATOI, up 23 % excluding the $18 million impact of transforming the Warrick rolling mill into a cold metal plant; record quarter for automotive sheet shipments, up 49 % year over year
    • Engineered Products and Solutions: record third quarter ATOI of $162 million, up 7 % year over year
    • Transportation and Construction Solutions: $47 million of ATOI, up 7 % year over year
• Revenue of $3.4 bln, down 1 % 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 % year over year
  • Global Rolled Products: $58 million of ATOI, up 23 % excluding the $18 million impact of transforming the Warrick rolling mill into a cold metal plant; record quarter for automotive sheet shipments, up 49 % year over year
  • Engineered Products and Solutions: record third quarter ATOI of $162 million, up 7 % year over year
  • Transportation and Construction Solutions: $47 million of ATOI, up 7 % year over year
• Global Rolled Products: $58 million of ATOI, up 23 % excluding the $18 million impact of transforming the Warrick rolling mill into a cold metal plant; record quarter for automotive sheet shipments, up 49 % year over year
• Engineered Products and Solutions: record third quarter ATOI of $162 million, up 7 % year over year
• Transportation and Construction Solutions: $47 million of ATOI, up 7 % year over year
• Arconic Segments Target Update: Alcoa is providing new full-year 2016 goals to reflect near-term industry challenges and foreign exchange impacts. In aerospace, this includes an unprecedented industry ramp-up to new platforms, destocking and supply chain optimization in airframes.
  • Global Rolled Products targets revenue of $4.8 bln to $5.0 bln for full year 2016. This is revised from $5.0 bln to $5.2 bln for full year 2016, a target adjusted from the earlier $6.0 bln to $6.2 bln to reflect the transfer of the rolling mill in Warrick, Indiana, to the future Alcoa Corporation; the impact of a tolling arrangement between Alcoa Corporation and Arconic for can body sheet at Tennessee Operations; and the updated impact for changes in both the London Metal Exchange aluminum price and foreign currency exchange rate assumptions versus 2013. The goal for adjusted EBITDA per metric ton remains unchanged at or above average historical highs of $344. 
  • Engineered Products and Solutions targets revenue of $5.6 billion to $5.8 billion for full year 2016, revised from $5.9 billion to $6.1 billion, and an adjusted EBITDA margin of approximately 21 percent, revised from 21 to 22 percent.
  • Transportation and Construction Solutions targets revenue of $1.7 billion to $1.8 billion, revised from $2.1 billion, and an adjusted EBITDA margin of approximately 15 percent, which remains unchanged.
• Global Rolled Products targets revenue of $4.8 bln to $5.0 bln for full year 2016. This is revised from $5.0 bln to $5.2 bln for full year 2016, a target adjusted from the earlier $6.0 bln to $6.2 bln to reflect the transfer of the rolling mill in Warrick, Indiana, to the future Alcoa Corporation; the impact of a tolling arrangement between Alcoa Corporation and Arconic for can body sheet at Tennessee Operations; and the updated impact for changes in both the London Metal Exchange aluminum price and foreign currency exchange rate assumptions versus 2013. The goal for adjusted EBITDA per metric ton remains unchanged at or above average historical highs of $344. 
• Engineered Products and Solutions targets revenue of $5.6 billion to $5.8 billion for full year 2016, revised from $5.9 billion to $6.1 billion, and an adjusted EBITDA margin of approximately 21 percent, revised from 21 to 22 percent.
• Transportation and Construction Solutions targets revenue of $1.7 billion to $1.8 billion, revised from $2.1 billion, and an adjusted EBITDA margin of approximately 15 percent, which remains unchanged.

=====Alcoa (AA) reported earnings on Mon 11 July 2016 (a/h)

Alcoa beats by $0.05, beats on revs :

• Reports Q2 (Jun) earnings of $0.15 per share, $0.05 better than the Capital IQ Consensus of $0.10.
• The Company is forecasting improvement in the second half of 2016 as new platforms ramp up, and a strong 2017. Large commercial aircraft deliveries declined approximately 1 percent year-over-year in the first half of 2016, but are expected to rise 6 percent in the second half of 2016 compared to the first. As a result, Alcoa forecasts full-year 2016 deliveries to be flat to up 3 percent, followed by strong double-digit growth in 2017.
• In automotive, Alcoa continues to forecast global automotive production growth of 1 to 4 percent. This includes 1 to 4 percent growth in North America, where the United States continues to record strong sales, particularly in the light truck segment. The global outlook is driven by a variety of factors, including low fuel prices, sustained demand, stable consumer confidence and recovery of global economies.
• On June 29, 2016, Alcoa Upstream Corporation (to be renamed Alcoa Corporation prior to separation) filed an initial Registration Statement on Form 10 with the U.S. Securities and Exchange Commission. The Value-Add segments (other than the rolling mill operations in Warrick, IN and Saudi Arabia) will remain in the existing company, which will be named Arconic Inc. The separation is on track to be completed in the second half of 2016.

=Alcoa (AA) reported earnings on Mon 11 Apr 2016 (a/h)

Alcoa beats by $0.04, misses on revs; lowers FY16 aluminum demand growth to +5% from +6%; spin off on track for 2H :

• Reports Q1 (Mar) adj. earnings of $0.07 per share, $0.04 better than the Capital IQ Consensus of $0.03; revenues fell 15.0% year/year to $4.95 bln vs the $5.15 bln Capital IQ Consensus, including a 5.7% revenue increase related to acquisitions and organic growth, more than offset by a 20.7% revenue decline primarily from continued low alumina and aluminum prices, foreign exchange impacts and divested, curtailed or closed operations
• Arconic Segments (Value-Add) Overview
  • Revenue of $3.3 billion, down 2.2% year-over-year, reflects: o 6.7% revenue increase predominantly related to acquisitions, offset by 8.3% revenue decline from metal and foreign exchange impacts and 0.6% revenue decline from divested or closed operations
  • After-tax operating income of $269 million, up 8% year-over-year, adjusted EBITDA of $537 million, up 7% year-over-year, and record adjusted EBITDA margin of 16.4%.
• New Alcoa Segments (Upstream) Overview
  • Third-party revenue of $1.7 billion, down 32.2% year-over-year, reflects: 4.5% revenue increase from organic growth more than offset by 26.1% revenue decline due to lower pricing and foreign exchange impacts and 10.6% revenue decline predominantly related to curtailed or closed operations
  • Total revenue of $2.1 billion, after-tax operating income of $22 million, and adjusted EBITDA of $185 million
  • Profitable Alumina and Primary Metals segments despite 19% price decline in the Alumina Price Index, and flat aluminum pricing, sequentially; year-over-year declines of 40 and 26%, respectively
• In 2016, Alcoa projects an ~1.1 million metric ton global aluminum deficit as 5% global aluminum demand growth (revised from 6%) outweighs 2% global aluminum supply growth (revised from 3%). In addition, the Company projects a global alumina deficit of 1.4 million metric tons.
  • Aerospace +6-8% from +8-9% (market transition); Alcoa projects solid growth in all its other end markets.
• Value add segments separation on track for 2H.