Alcoa Fasteners Help Record Profit
Alcoa Fasteners Help Record Profit
Jason Sandefur
Posting record results, Alcoa Inc. reported its Engineered Solutions segment, including Alcoa Fastening Systems, saw operating income rise 77% to $83 million during the first quarter of 2006. Q1 sales at Engineered Solutions grew 9.9% to $1.36 billion, boosted by strong productivity gains, market growth and new product introductions.
Overall Q1 net income jumped 134% to a record $608 million, while revenue increased 16% to $7.24 billion, the highest quarterly revenues in Alcoa’s history.
“While we are still fighting inflationary pressures, cost increases have slowed from last year, and our restructuring and efficiency initiatives have helped strengthen profitability,” stated CEO Alain Belda.
During the quarter, Alcoa was cited again as one of the most sustainable companies in the world at the World Economic Forum in Davos, Switzerland. Web: alcoa.com �2006 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment