Alcoa reports better than expected quarterly headline earnings
TORONTO (miningweekly.com) – US-based alumina and aluminium producer Alcoa on Monday reported a higher than expected second-quarter profit after excluding special items, boosted by productivity gains across all its operating units and strong results from its engineered products and solutions business.
Excluding the impact of the special items, which included items related to restructuring and a legacy legal matter, net income totalled $76-million, or $0.07 a share, beating analysts’ expectations of adjusted income of $0.06 a share.
However, including the $195-million of special items, Alcoa recorded a net loss of $119-million, or $0.11 a share.
Quarterly revenue fell 2% to $5.85-billion, mostly owing to lower aluminium prices, but revenue topped analysts' expectations of $5.83-billion.
In London, the three-month aluminium price fell nearly 8% during the quarter ended June 30 and has declined by about 13% this year, touching a nearly four-year low of $1 758/t last month.
Alcoa, at the end of May, announced that it would review 460 000 t of smelting capacity over the next 15 months for possible curtailment, in an effort to maintain the company’s competitiveness, as aluminium prices have fallen more than 33% since their peak in 2011.
However, the company said it remained optimistic that global demand for aluminium would grow 7% this year, driven by demand from the aerospace and commercial transportation sectors.
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