Alcoa Q3 Profit Plummets 43%
Alcoa Q3 Profit Plummets 43%
John Wolz
Alcoa Inc. reported third quarter 2002 net income fell 43% from the same period last year to $193 million.
Alcoa, one of the first U.S. firms to report quarterly results, attributed the numbers to low prices due to a worldwide glut of aluminum and slow economic growth.
Third quarter sales fell from $17.6 billion in 2001 to $15.5 for Q3 this year.
Aluminum producer Alcoa also is the parent company of fastener manufacturer Huck International, Reynolds Metals Co. and Midwest Fastener Corp.
One analyst noted the Cordant/Huck and Reynolds acquisitions have saddled Alcoa with debt.
Pittsburgh-based Alcoa has a $657 million deal pending to acquire the Fairchild Fasteners division of Fairchild Corporation. �2002 FastenerNews.com
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