Deutsche Bank is out with a research report previewing Alcoa's AA earnings.
In the note, Deutsche Bank writes, "We expect Alcoa to report 4Q10 diluted EPS of $0.16, slightly below consensus of $0.18. However, we note that our estimates incorporate one-off post-tax charges of $14m (1c/share) on remaining repairs at its Sao Luis alumina facility and flood damage at its Aviles smelter (full charges were not taken in 3Q10 results). Our normalized $0.17 EPS estimate is nearly twice 3Q10 "clean" EPS of $0.09, driven by higher QoQ aluminum prices (QTD LME average is $1.06/lb vs $0.95/lb in
3Q10) (+13c EPS impact), partly offset by FX headwinds (-5c EPS impact)."
Shares of AA are up 12 cents in pre-market trading to $16.54.
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