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Alcoa reports second-quarter 2010 results
Alcoa has announced second-quarter 2010 income from continuing operations of $137m or $0.13 per share compared with a first-quarter 2010 loss from continuing operations of $194m, or a loss of $0.19 per share.
First-quarter 2010 results included restructuring and special charges of $295m, or $0.29 per share. The second quarter of 2009 showed a loss from continuing operations of $312m, or $0.32 per share including restructuring charges.
Earnings for the second quarter improved $331m sequentially as stronger volumes, productivity improvements, favourable currency and lower energy costs more than offset slightly lower average realised metal prices, which declined $22 a metric tonne to an average of $2,309 a tonne in the quarter.
The second-quarter 2010 results reflect the impact of restructuring, including job reductions and special items such as costs associated with the recently completed United Steelworkers contract negotiations, offset by non-cash, mark-to-market benefits on derivatives in several power contracts as well as a net discrete tax benefit.
Taken together, these items had a net unfavourable impact of $2m in the quarter. First-quarter 2010 results included restructuring and special charges of $295m or $0.29 per share.
Source: Alcoa
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