Published Jan. 15, 2014
For 2013, the company reported a net loss of $2.3 billion, or $2.14 per share, stemming in part from a $1.7 billion noncash goodwill impairment to address legacy matters in its primary metals business.
“We delivered strong operating performance in the fourth quarter, led by record downstream profitability, as our strategy to build out the value-add businesses and lower the cost base in the commodity segment gains traction,” Alcoa Chairman and CEO Klaus Kleinfeld said in a statement, “In addition, we put a number of legacy matters behind us, clearing a path for Alcoa’s continued transformation in 2014.”
Alcoa’s net income was $357 million for 2013, up from $262 million in 2012. Full-year 2013 revenue was at $23 billion, compared with $23.7 billion in 2012.
In 2014, Alcoa expects its engineered products and solutions line will grow; its global rolled products will rebound, as the automotive industry takes off; and its global primary products will focus on lowering cost base and optimizing its portfolio, according to the earnings report.
“As we look forward to 2014, our innovation and disciplined execution will continue to create value for our shareholders ... We fully expect to hit our annual targets, as we have done over the last five years,” the report said.