AFS Sees Increased Auto Industry Weakness
AFS Sees Increased Auto Industry Weakness
Jason Sandefur
Facing “increased weakness in the automotive industry,” Alcoa Inc. reported operating income at its Engineered Solutions division, including Alcoa Fastening Systems, dropped 20% to $60 million during the third quarter of 2007. Q3 Engineered Solutions revenue gained 4.6% to $1.41 billion.
Engineered Solutions sales increased 5.4% to $4.33 billion during the first nine months of 2007, while operating income remained flat at $258 million.
Alcoa consolidated revenue during Q3 declined 2.6% to $7.4 billion. Net income improved 3.3% to $555 million.
Nine-month revenue grew 3.6% to a record $23.4 billion, while net income gained 2% to $1.93 billion.
“Macroeconomic drivers such as the weakening US dollar, higher petroleum costs, and market softness in North America impacted the quarter,” said CEO Alain Belda. Web: alcoa.com �2007 FastenerNews.com
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