Could be ripple voltage or a regulation issue.
Also possibly a poor connection or loose plate etc.
This is a good check.
Also, what is the voltage at idle? and is it steady?
How 'bout with lights on?
Yes and no.
You can see what the brushes in post 15:
Alternator repair, a little show and tell.
In the photo below you can see where the brushes come through.
View attachment 1715319078
(The yellow arrow points to the output stud. If its loose it needs to be snugged up from the inside.)
The two copper rings on the rotor is what the brushes contact.
View attachment 1715319079
When electricty flows through the rotor windings, it creates a magnetic field. That's why the brush connections are called field terminals.