Fastener Income Boosts Alcoa’s Bottom Line
Fastener Income Boosts Alcoa’s Bottom Line
Jason Sandefur
Alcoa’s Engineered Solutions segment, including Alcoa Fastening Systems, reported revenue grew 9.2% to $1.87 billion during the second quarter of 2008, while segment profit soared 32% to $157 million.
Alcoa posted those figures amid analyst speculation that the airline sector was softening, with orders for fasteners, engine components and spare parts expected to ease.
During the first six months of 2008 Alcoa’s Engineered Solutions segment saw sales grow 7.5% to $3.64 billion, with income gaining 31.6% to $295 million.
AFS boosted its aerospace capacity in the first quarter of 2008 by acquiring Republic Fastener Manufacturing Corp. and Van Petty Manufacturing, both of Newbury Park, CA. The companies have a total of 240 employees and combined 2007 revenue of $51 million.
AFS is a primary supplier to Boeing’s 787 Dreamliner program, which has faced costly delays due to a critical aerospace fastener shortage.
Overall revenue for Alcoa during Q2 dropped 5% to $7.62 billion, while income dropped 23% to $546 million. Web: alcoa.com �2008 FastenerNews.com
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