Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

ALCOA Profits Rising Sales Up 23 Percent from First Quarter

Newspaper article Pittsburgh Post-Gazette (Pittsburgh, PA)

ALCOA Profits Rising Sales Up 23 Percent from First Quarter

Article excerpt

Alcoa reported higher than expected second quarter profits, as aluminum shipments rose from first quarter levels.

The aluminum producer, which plans to relocate its headquarters to Pittsburgh later this year, on Wednesday reported second quarter net income of $75 million, or 40 cents per share, vs. a loss of $55 million, or 29 cents per share, in the year-ago quarter.

Sales rose 23 percent to $2.86 billion, matching analyst estimates.

Excluding one-time items, adjusted earnings came to 62 cents per share compared to the 58 cents per share that Wall Street analysts had forecast.

"Alcoa generated solid profitability in the second quarter with strong cash flow that grew our cash balance to more than $950 million," president and CEO Roy Harvey said in a statement. …

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