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Forward-Looking Statements" data-reactid="52"Forward-Looking Statements This press release contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.Forward-looking statements include those containing such words as “anticipates,” “believes,” “could,” “estimates,” “expects,” “forecasts,” “goal,” “intends,” “may,” “outlook,” “plans,” “projects,” “seeks,” “sees,” “should,” “targets,” “will,” “would,” or other words of similar meaning.
See the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2016 filed with the United States Securities and Exchange Commission on March 15, 2017 for additional information.2 Based on actual results for 1H17, outlook for 2H17 at $1,900 LME, $305 API, and updated regional premiums and foreign currencies.______________________________________________________________________" data-reactid="26"______________________________________________________________________AA), a global leader in bauxite, alumina, and aluminum products, today reported second quarter 2017 results.Results include the negative impact of $41 million in special items, primarily for certain tax items and additional restructuring charges related to previous actions.Second quarter 2017 results compare to first quarter 2017 net income of $225 million, or $1.21 per share, which included a $120 million gain from the sale of the Yadkin Hydroelectric Project.Accordingly, the financial results of Alcoa Corporation for the first ten months of 2016 (including the first month of fourth quarter 2016) were prepared on such basis.The carve-out financial statements of Alcoa Corporation are not necessarily indicative of Alcoa Corporation’s consolidated results of operations, financial position, and cash flows had it been a standalone company during the referenced period.Alcoa additionally maintained solid profitability despite lower alumina pricing.
The Company tightened its outlook for full-year adjusted 2017 EBITDA, excluding special items, to $2.1 to $2.2 billion, from $2.1 to $2.3 billion, based on current market assumptions.
Alcoa Corporation became an independent, publicly traded company on November 1, 2016.
Prior to November 1, 2016, Alcoa Corporation’s financial statements were prepared on a carve-out basis, as the underlying operations of the Company were previously consolidated as part of Alcoa Corporation’s former parent company’s financial statements.
All statements by Alcoa Corporation that reflect expectations, assumptions or projections about the future, other than statements of historical fact, are forward-looking statements, including, without limitation, forecasts concerning global demand growth for bauxite, alumina, and aluminum, and supply/demand balances; statements, projections or forecasts of future or targeted financial results or operating performance; and statements about strategies, outlook, business and financial prospects.
These statements reflect beliefs and assumptions that are based on Alcoa Corporation’s perception of historical trends, current conditions and expected future developments, as well as other factors that management believes are appropriate in the circumstances.
On a sequential basis, the Company increased revenue on higher shipments and grew its cash balance.