Industryweek 5384 Alcoalogo

Alcoa Turns a Slight Profit on Lower Costs

Oct. 8, 2013
Engineered products and global rolled products performed strongly in third quarter, metals manufacturer reported.

NEW YORK - Aluminum producer Alcoa Tuesday swung to profitability for the third quarter on the strength of lower costs and in spite of declining metals prices.

Alcoa (IW 500/53), a longtime U.S. industrial bellwether dropped last month from the Dow Jones Industrial Average, said profits for the quarter ended Sept. 30 came in at $24 million on revenues of $5.77 billion, up from a loss of $143 million on revenues of $5.83 billion a year ago.

Excluding special items, which included $109 million in restructuring costs, earnings were 11 cents per share, five cents above analyst expectations.

Alcoa said strong performance in its engineered products and global rolled products overcame a 7% decline in year-over-year aluminum prices.

Total costs and expenses for the period declined 5.8% to $5.69 billion.

"Our performance this period shows our repositioning of the company is on the right path," said CEO Klaus Kleinfeld.

"Our commodity business delivered better performance in a tougher market environment, and we continued to reshape the portfolio to lower the cost base."

Copyright Agence France-Presse, 2013

Popular Sponsored Recommendations

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Industrial Manufacturers: How to Propel Growth by Reducing Business Costs

May 17, 2023
Are you ready to propel the growth of your industrial manufacturing company? Download this guide to receive useful insights on how to reduce costs and maximize profit.

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!