After talking with CEO Klaus Kleinfeld about the company's latest earnings, Jim Cramer is convinced that Alcoa has reinvented itself.
And although many other Wall Street pros viewed the skeptically, Cramer thought there's a lot to like.
"Alcoa delivered 9 cents of earnings per share, a 4-cent beat, despite slightly softer than expected revenues, and management also boosted its aerospace forecast for 2014," Cramer said.
That may not sound like anything to shout about, but after digging down into the release, Cramer thinks Alcoa may have reported a breakout quarter.
"I can see the company transforming into two Alcoas. One that's not waiting for the price of aluminum to go higher but rather becoming a value added company," Cramer said.
"Our downstream business (engineered products and solutions) had a record profitable quarter," Kleinfeld said. "Our midstream business (global rolled products), a nice value added business, almost tripled profitability from the last quarter."
"And looking at the upstream business (global primary products), we are making good strides. This is the 10th consecutive quarter of upstream improvement," he added.
Looking at the various industries that Alcoa services, "It looks like aerospace is a jewel," Cramer said.
"We're standing on multiple jewels," Kleinfeld added. "The comeback in building and construction is very good (too)."
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All told. Cramer sees a lot to like. "The stock has moved a lot," said Cramer. "But if it comes in a little, I think it's a buy. Alcoa is exactly the kind of company that this market currently seems to favor, a cyclical player whose earnings can explode higher if we get a marked improvement in the economy."
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