Alcoa and the Earnings Shell Game, Actual Improvement (AA)

The aluminum, or more like aluminium, giant generated free cash flows of $176 million , cut its debt by $491 million, andcash from operations of about $392 million.  The alumina after-tax income was $70 million and primary metals net income after-tax was $78 million.  Engineered products and solutions had after-tax operating income of $114 million and flat-rolled products generated after-tax income of $66 million.

Alcoa has also forecasted aluminum consumption to rise 13% from 12% offered previously.

Alcoa shares were halted and it holds off on guidance until its conference call.  Shares closed down 1.35 at $12.20 and shares were down as low as $10.01 as recently as August 26.

As a reminder, this should be considered unfinished business until the company offers up formal earnings guidance.

JON C. OGG