2020-04-22 16:12:20 AA Alcoa
04/22/20 04/2216:12 04/22/2016:12 | Alcoa reports Q1 EPS (23c), consensus (24c)Reports Q1 revenue $2.38B, consensus $2.35B. CEO Roy Harvey says: "While we reported a solid first quarter with a strong cash balance, the world has fundamentally shifted due to the COVID-19 global pandemic, and we are taking decisive actions to address this crisis. Most importantly, we are focusing on the care and safety of our workforce, our operations, and our communities. We have implemented numerous steps for business continuity and are acting quickly to protect financial stability. We took action before this crisis to drive savings by deploying a new operating model and launching processes to sell non-core assets, review our portfolio, lower production costs and reduce working capital. Today, we are announcing new actions to effectively manage cash through the economic uncertainty from the pandemic. Taken together, these new and existing initiatives, including the sale earlier this year of our former Gum Springs plant, will total $900 million in cash actions for the year." |
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