Certain engineered products were also hard hit, leading to the discontinuance of certain electric, electronic and transportation products. The rest of the segment, however, boasts the company's most promising products.
Capex is basically at maintenance levels except for the completion of projects in progress. Contributions from partners will defray about $300 million of the reduced $1.8 billion capex budget. The one cash savings that is not currently under review is the dividend, which the company has maintained for 60 years. Even so, investors' patience will continue to be tested by the weak operating outlook.
P.S. Will you be there when Cramer makes his next move?
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At the time of publication, Au was long Alcoa, although holdings can change at any time.Thomas P. Au, CFA, is a principal with R. W. Wentworth, a financial services firm in New York City. Earlier he was an emerging markets portfolio manager for the investment arm of Cigna Corp. and an analyst with Unifund, S.A. of Switzerland and Value Line. He graduated cum laude with a B.A. in Economics and History from Yale University and an M.B.A. in Finance from New York University. Au is the author of A Modern Approach to Graham and Dodd Investing. Au appreciates your feedback; click here to send him an email.
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