Alcoa Reports 43% Reduction in 2nd-Quarter Profits
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PITTSBURGH — Aluminum Company of America reported today that its second-quarter profit plunged 43% due to decreased prices and reduced income from the company’s Brazilian affiliate.
The world’s largest aluminum producer said it earned $161.9 million, or $1.86 a share, in the three months ended June 30, compared to $285.2 million, or $3.21 a share, in the same quarter of 1989.
Sales fell to $2.69 billion from $2.76 billion.
Alcoa said the drop in earnings reflect a 24% drop in aluminum ingot prices and lower fabricated product sales.
In addition, the company’s Brazilian affiliate, Alcoa Aluminio, reported sharply lower earnings, $6 million in the first half, compared to $61 million in 1989. The decrease was attributed to government actions taken to improve that country’s economy.
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