Alcoa posts 2Q net loss as prices fall in slower global economy; 2012 forecast is reaffirmed | iNFOnews | Thompson-Okanagan's News Source
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Alcoa posts 2Q net loss as prices fall in slower global economy; 2012 forecast is reaffirmed

In this April 9, 2011, file photo, the Alcoa headquarters building in downtown Pittsburgh, Saturday, April 9, 2011. Aluminum manufacturer Alcoa Inc. said Monday, July 9, 2012, it lost $2 million in the second-quarter as revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy. (AP Photo/Gene J. Puskar, File)

Aluminum manufacturer Alcoa Inc. says it lost $2 million in the second-quarter as revenue dropped due to weaker prices and pockets of declining demand in the slowing global economy.

Alcoa on Monday posted break-even earnings per share for the April-through-June quarter. That compares with net income of $322 million, or 28 cents a share, a year ago.

Revenue fell 9 per cent to $5.96 billion.

Analysts surveyed by FactSet predicted earnings of 5 cents per share on revenue of $5.83 billion. Such items typically exclude one-time items.

The aluminum industry has faced challenges as some European countries slide into recession and growth slows in the U.S. and China.

Alcoa's performance reflects broader economic trends because aluminum is used in a wide range of products from automobiles to beverage cans.

News from © The Associated Press, 2012
The Associated Press

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