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.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Developed to exceed the latest EN 15964 standards for police breathalysers proving that it will remain accurate and reliable for many years to come.
VISIT SHOWROOM
Rittal is a world leading provider of top-quality integrated systems for enclosures, power distribution, climate control, IT infrastructure and...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
