Question-and-Answer Session
Are you ready for questions?
Logan W. Kruger - President and Chief Executive
Thank you.
Operator
Okay. [Operator Instructions]. First question comes from the line of Brett Levy of Jefferies & Company. Please go ahead.
Brett Levy - Jefferies & Co.
Hey, guys. On behalf of the East Coast guys, actually you not do conference calls this late on Valentines Day in the future?
Logan W. Kruger - President and Chief Executive
Give us your home address, please and we'll send the flowers.
Brett Levy - Jefferies & Co.
Okay. Thank you, that's very kind. As you guys kind of go through the numbers and I have gotten most of the deltas, but if look at 3Q and I look at this quarter on an EBITDA basis, you guys are down almost $30 million. As I look forward into the first and second quarter, can you talk a little bit to why or why not I should expect the quarters of 2008 to rebound a little bit from the fourth quarter number?
Michael A. Bless - Executive Vice President and Chief Financial Officer
It's, Mike. We don't obviously give guidance on earnings or cash flow or certainly EBITDA. So I'm going to touch year '08, other than to just reiterate the discreet items that we gave to try to help people with the modeling. I mean the only thing I would point out is what I tried to stress on Q4 versus Q3, is that the major difference there of course was just the LME prices that impacted our shipment volume and you have your own estimates for the other major items. You've detailed the power and the alumina contract rates. So you should be able to come to your own estimates. Again, we'd rather not comment on sort of forward-looking earnings.
Brett Levy - Jefferies & Co.
Alright. And again, I know it depends based on your hedges and that sort of thing, but given kind of how you are currently set up for 2008, one penny movement in LME is worth per pound is worth what per I don't know quarter or a year in EBITDA?
Michael A. Bless - Executive Vice President and Chief Financial Officer
On an EBITDA basis I don't have that handy. I can give you on a reported EPS basis, it's just shy of $0.20, because at $0.18, $0.19. And I can... if you give me a calculator here, and give me a minute I could translate that into EBITDA for you.
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