Alcoa reports best ever third quarter.PITTSBURGH--(BUSINESS WIRE)--Oct. 6, 1995--Alcoa today announced earnings of $226.4 million, or $1.27 per common share, for the third quarter of 1995. Third quarter 1994 earnings were $70.1 million, or 39 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. . For the first nine months of 1995, earnings were $639.6 million, or $3.58 per share. This compares with $125.1 million, or 69 cents per share, for the first nine months of 1994, before after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of $117.9 million, or 66 cents per share. Revenues for the 1995 third quarter were $3.3 billion compared with $2.6 billion for the 1994 third quarter. Aluminum product shipments were 655,000 metric tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. (mt) compared with 651,000 mt in the year-ago quarter. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , revenues were $9.4 billion compared with $7.3 billion for the first nine months of 1994, while shipments were 1,936,000 mt compared with 1,912,000 mt. Generally, prices for Alcoa's products are stable. The company will continue to focus on process improvements while driving down costs. Third quarter 1995 earnings included a special after-tax charge of $5.4 million comprised of a $16.9 million charge for salaried personnel layoffs, principally at Alcoa's U.S. smelters, that are part of the company's ongoing efforts to improve productivity and efficiency in all areas of its operations and administrative processes; and a credit of $11.5 million related to insurance settlements on environmental claims. In addition, 1995 third quarter earnings were negatively affected by $16.3 million resulting from a three percentage point increase in the Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. tax rate, which affected Alcoa Alcoa U.S. company, the world's largest producer of aluminum. Established in Pittsburgh, Pa., in 1888, it adopted the name Aluminum Co. of America in 1907. Alcoa introduced aluminum foil in 1910 and found uses for aluminum in the emerging aviation and automobile industries. of Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. . This was partially offset by a $9.1 million reduction in taxes overall due to an otherwise lower estimated effective tax rate for the year. Excluding the special charge, return on shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. for the 1995 nine-month period, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. , was 20.1%. Alcoa is the world's largest producer of aluminum. The company has 169 operating and sales locations in 26 countries. Financial and operating data for Alcoa and its subsidiaries follow. Editors Note: 1994 per share amounts have been restated to reflect the two-for-one stock split in February February: see month. 1995. -0-
FINANCIAL REPORT
Alcoa and subsidiaries
(in millions except share and ton amounts)
(UNAUDITED)
Third quarter
For the period ended September 30 1995 1994
Sales and operating revenues $3,264.8 $2,561.6
Other income 61.3 55.4
3,326.1 2,617.0
Cost of goods sold and operating expenses 2,434.4 2,037.4
Selling, general administrative
and other expenses 182.4 160.6
Research and development expenses 34.1 29.6
Provision for depreciation and depletion 185.4 167.0
Interest expense 33.1 28.5
Taxes other than payroll and severance taxes 27.5 23.7
Special items 9.4 0.0
2,906.3 2,446.8
Income from operations before
taxes on income 419.8 170.2
Provision for taxes on income 150.3 48.9
Income from operations 269.5 121.3
Less: Minority interests' share (43.1) (51.2) NET INCOME $ 226.4 $ 70.1 Earnings per common share $ 1.27 $ 0.39
Translation and exchange
adjustments included in net income $ 1.5 $ 5.8
Shipments of aluminum
products (metric tons) 655,000 651,000
FINANCIAL REPORT
Alcoa and subsidiaries
(in millions except share and ton amounts)
(UNAUDITED)
Nine months
For the period ended September 30 1995 1994 Sales and operating revenues $ 9,391.9 $ 7,262.5 Other income 118.9 74.2
9,510.8 7,336.7
Cost of goods sold and
operating expenses 6,926.1 5,762.6
Selling, general administrative
and other expenses 519.7 458.3
Research and development expenses 98.2 90.7
Provision for depreciation and depletion 529.0 499.9
Interest expense 84.0 81.5
Taxes other than payroll and
severance taxes 93.6 74.1
Special items 9.4 79.7
8,260.0 7,046.8
Income from operations before
taxes on income 1,250.8 289.9
Provision for taxes on income 419.9 88.4
Income from operations 830.9 201.5
Less: Minority interests' share (191.3) (126.4) Income before extraordinary loss $ 639.6 $ 75.1 Extraordinary loss on debt prepayments, net of $40.5 tax benefit 0.0 (67.9) Net Income $ 639.6 $ 7.2 Earnings (loss) per common share: Before extraordinary loss $ 3.58 $ 0.41 Extraordinary loss 0.00 (0.38)
$ 3.58 $ 0.03
Shares outstanding 177,962,428 178,474,348
Average number of shares
used to compute
earnings per common share 178,383,420 177,637,568
Translation and exchange
adjustments included
in net income $ (8.3) $ (2.5)
Shipments of aluminum
products (metric tons) 1,936,000 1,912,000
Return on average shareholders'
equity before
special and extraordinary items 20.1% 4.5%
CONTACT: Alcoa, Pittsburgh Pittsburgh (pĭts`bərg), city (1990 pop. 369,879), seat of Allegheny co., SW Pa., at the confluence of the Allegheny and the Monongahela rivers, which there form the Ohio River; inc. 1816. Joyce Joyce - A distributed language based on Pascal and CSP, by Per Brinch Hansen. ["Joyce - A Programming Language for Distributed Systems", Per Brinch Hansen, Soft Prac & Exp 17(1):29-50 (Jan 1987)]. Saltzman, 412/553-4467 |
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