Press Release

 

ALCAN DELIVERS STRONG THIRD QUARTER
 
EARNINGS MOMENTUM DRIVES ALL-TIME RECORD CASH FLOW OF $800 MILLION


FINANCIAL HIGHLIGHTS

·  
Income from continuing operations of $1.21 per common share compared to $0.19 a year earlier and $1.21 in the second quarter;

·  
Operating earnings of $1.22 per common share compared to $0.53 a year earlier and $1.48 in the second quarter;

·  
Record cash from operating activities in continuing operations of $803 million, up from $655 million a year earlier and $771 million in the second quarter;

·  
Selling, General and Administrative expenses at $327 million or 5.7% of revenues, down from 6.8% a year earlier and 6.0% last quarter.


MONTREAL, CANADA - October 31, 2006 - Alcan Inc. (NYSE, TSX: AL) today reported operating earnings of $1.22 per common share in the third quarter of 2006 compared to $0.53 a year ago and $1.48 in the seasonally strong second quarter.

“Operating cash flow reached an all-time high of $803 million, and we recorded the strongest third-quarter earnings performance in Alcan’s history,” said Dick Evans, President and CEO. “We have worked hard to reduce costs, restructure businesses and upgrade our portfolio, and the effort is paying off. Our focus is squarely on managing for cash and real economic value, with the financial rigour and management systems to deliver,” he continued.

“Alcan’s recent dividend increase and share repurchase announcements reflect our confidence in the company’s prospects and commitment to superior returns. We intend to maintain a disciplined approach to capital allocation balancing growth, returns to shareholders and balance-sheet strength. With aluminum market fundamentals expected to remain firm and normal seasonal patterns in cash flow, we expect fourth-quarter cash from operations to be even stronger,” he concluded.


*Note: All amounts in this press release are expressed in U.S. dollars unless otherwise stated. This press release includes a number of measures for which no meaning is prescribed by generally accepted accounting principles (GAAP). Refer to the section “Definitions” for an explanation of these measures.


 
 

The following information was filed by Alcan Inc on Tuesday, October 31, 2006 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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