Aluminum giant Alcoa Inc. (AA) has announced that it has received the 2013 Accessory of the Year Award in China. The company was honored in the Best Safety & Energy Savings category.
Alcoa received the award based on its contribution to China’s bus manufacturing industry. The awards were sponsored by trade publications CNbuses.com and shangyongqiche.com, with support from the China Tourism News. Alcoa’s award win was dedicated to three factors. The first one being its brand influence and reputation.
The second factor taken into consideration was application of Alcoa's products in the China bus market. Alcoa has a presence in China since 2004 and advanced processes and technologies, as well as high-quality products have made positive contributions to the development of China's bus manufacturing industry.
The company also expanded its presence in the country by opening a production facility in Suzhou, China, and created a full wheel manufacturing, distribution, sales and service network in China.
The third factor was Lightweighting. Alcoa’s forged aluminum wheels help to lightweight the commercial vehicle industry, making it an industry leader.
Alcoa released its fourth-quarter 2012 results on Jan 8. The company swung to profit in the quarter, buoyed by one-time gains. It posted a profit (from continuing operation) of $242 million or 21 cents per share in the fourth quarter compared with a loss of $193 million or 18 cents a share reported in the year-ago quarter. The results were boosted by a gain of $178 million ($161 million post-tax) associated with a hydroelectric project asset sale.
Excluding one-time special items, Alcoa earned $64 million or 6 cents a share in the quarter, in line with the Zacks Consensus Estimate. The company’s midstream and downstream businesses delivered profits and its cost-cutting measures also supported the results.
Revenues decreased 1.5% year over year to $5,898 million in the fourth quarter, but were ahead of the Zacks Consensus Estimate of $5,579 million.
Another mining company Freeport-McMoRan Copper & Gold Inc. (FCX) recently released its fourth quarter results. The company’s adjusted earnings (excluding one-time gains) of 74 cents per share for the fourth quarter of 2012 was in line with the Zacks Consensus Estimate.
Profit, as reported, was $743 million or 78 cents per share, a 16.1% rise from the prior-year quarter’s profit of around $640 million or 67 cents per share. The results were aided by higher copper and gold production.
Alcoa currently retains a short-term Zacks Rank #3 (Hold).Read the Full Research Report on AA
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