Alcoa Earnings Exceed Estimates After Productivity Improves |
| Bloomberg - Oct 9, 2012 |
Alcoa Inc. (AA), the largest U.S. aluminum producer, posted third-quarter earnings and sales that exceeded analysts’ estimates after reporting improved productivity at its primary metals and engineered-products units.
Alcoa’s net loss was $143 million, or 13 cents a share, compared with net income of $172 million, or 15 cents, a year earlier, the New York-based company said today in a statement. Excluding legal and environmental remediation costs, it had per- share profit of 3 cents. The average of 18 estimates compiled by Bloomberg was for break-even earnings per share. Sales fell to $5.83 billion from $6.42 billion, beating the $5.56 billion average of 10 estimates.
Alcoa, led by Chairman and Chief Executive Officer Klaus Kleinfeld, is trying to boost income from sales of high-value products such as automotive components and bolts and screws used on aircraft to offset declining prices for raw aluminum. The metal traded at a 34-month low in August amid a global oversupply.
Read Full Article from Bloomberg
- Posted: 2012-10-09 16:19:04
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