peeker AA - thats a very valid point - for the most part earnings gains have been based on cost cutting rather than revenue increases. However, re Alcoa, I would think that a good part of the revenue decline has to do with the dramatic decrease in the price of Aluminum, which is not mentioned in the article: http://www.kitcometals.com/charts/aluminum_historical_large.html#5years
And while I'm not calling for any economic rebound, if there is one near term, revenue upticks will be amplified on the bottom line b/c of the cost cutting.