Alcoa Sales Up, Profit Down
Alcoa Sales Up, Profit Down
Jason Sandefur
Alcoa Inc. announced revenue for the second quarter of 2003 increased 6% to $5.5 billion, its strongest performance since 2001. However, net income slipped 7% to $216 million. Q2 results included a debt reduction of $722 million.
Sales for engineered products, including fasteners, gained 6.7% to $1.4 billion, despite Alcoa shipping 214 metric tons of product, down 12% from the second quarter of 2002.
For the first six months of 2003, revenue grew 5.1% to $10.6 billion, while net income dropped 18.4% to $367 million. First half sales for engineered products gained 5% to $2.8 billion. Alcoa shipped 431 metric tons of engineered products during the period, down 7.3%.
CEO Alain Belda said he has �not seen signs of market improvements.� Automotive, aerospace, industrial gas turbine and telecommunications markets remain soft. Web: alcoa.com �2003 FastenerNews.com
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