News Summary: Alcoa posts 2Q loss on expenses
Posted at: 07/08/2013 8:05 PM
By The Associated Press
ALUMINUM LOSS: Alcoa Inc. lost $119 million in the second quarter, compared with a loss of $2 million a year earlier. Revenue fell 2 percent on lower aluminum prices.
SILVER LINING: The results still beat Wall Street expectations. Excluding $195 million in restructuring and legal-expense items, the company said it would have earned 7 cents per share, a penny better than analysts expected.
CARS AND PLANES: Falling aluminum prices hurt Alcoa’s mining and smelting business, but sales of aluminum products to auto and aircraft makers grew, reflecting demand for lighter, fuel-efficient vehicles and planes.
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