Alcoa and CSX get earnings off to a good start. Both beat earnings consensus: Alcoa by $0.01, at $0.13, and CSX by $0.09, at $1.07.
At Alcoa,after tax operating income (ATOI) was above expectations in all four major segments: alumina, aluminum, and the downstream segments of flat rolled products (aluminum cans, automotive, aerospace) and engineered products (aluminum wheels, etc.).
The company, based on slide presentations, are expecting 7-12 percent sales growth in automotive for the full year 2010, 10-15 percent sales growth in heavy trucks and trailers, flat sales in beverages, and a 23 to 27 percent decline in commercial building and construction.
Alcoa raised its projection for aluminum consumption to 12 percent from 10 percent this years.
Railroad CSX saw particular strength for volumes in autos (up 63 percent), metals (up 44 percent) and chemicals (up 10 percent).
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