Can an alternator test good and still be bad?

Thanks for the input. I just did a few more tests after your message. First, the alternator is currently out of the vehicle. I turned the key to the Run position and the dash battery indicator is off. While still in Run, I read battery voltage at two of the three pins at the connector that plugs into the alternator. The schematic shows two pins as “Hot at all times”. I’m assuming these are the two pins that should be hot.

I also notice on the schematic that there are 2 15A and 1 40A fuse in play in the various lines going to the alternator. If the larger one were out, more than this one problem would probably exist but I’ll take a look at them since it would be quick to rule them out.

I’d take it in to my mechanic but he’s 48 miles from me and I doubt the car would make it that long driving on battery only.

Thanks again.