Earnings season officially began yesterday when Alcoa reported its earnings. And analysts were happy and surprised to hear that the aluminum maker reported not only better than expect number but also a profit, as opposed to expectations of a loss for its third quarter. What added to the celebration was the rosy picture it painted for the second half of the year saying demand for aluminum would be higher by 11% for the period, in light of higher demand from China, which in itself is experiencing strong growth in its economy.
Alcoa reported a profit of $0.07 or $0.04 in an adjusted basis. Other numbers:
- Income from continuing operations of $73 million, or $0.07 per share
- Excluding restructuring and special items, income of $39 million, or $0.04 per share
- Revenues up 9 percent over second quarter 2009
- EBITDA of $454 million in third quarter 2009
- Cash from operations of $184 million in third quarter 2009
- Debt-to-capital at 38.3%, down 140 basis points sequentially
- Cash on hand of $1.1 billion
I’ll try to put a schedule of some other names whose earnings I’m looking forward to see. Many of the banks I’m waiting for report next week.