Alcoa Reports Strongest 1st Quarter Income in Company History

Highlights:

• Income from continuing operations of $673 million or $0.77 per share.
• Income from continuing operations excluding restructuring of $691 million or $0.79 per share.
• Revenues up 11 percent from a year ago to $7.9 billion.
• Highest 1st quarter cash flow in Company history and a more than $700 million improvement from year-ago quarter.
• Debt-to-capital ratio within target range at 30.9 percent while continuing significant investment in strategic growth projects.
• ROC including major growth investments of 12.7 percent; excluding growth investments, ROC was 15.6 percent.
• Downstream businesses deliver strong results.
• First electricity flows to new Alcoa Fjardaal smelter in Iceland today.

During the quarter, Alcoa increased its dividend, announced refinancing plans for some of its debt, and authorized the repurchase of up to 10 percent of its outstanding common stock, or about 87 million shares...a $2.7 Billion Buyback of stock.