Strong Q3 Results for Alcoa
Strong Q3 Results for Alcoa
Jason Sandefur
Rising third quarter sales and strong savings helped Alcoa Inc. report �the most profitable quarter in two years,� CEO Alain Belda announced. Q3 income from continuing operations rose 40% to $283 million, while net income climbed 45% to $280 million. Q3 sales increased 3% to $5.3 billion.
�We achieved a double-digit increase in profitability despite traditional seasonal weakness in the automotive and European markets,� Belda stated.
Alcoa has reduced its debt by nearly $1 billion in the past six months and achieved an additional $23 million in cost savings during Q3.
For the first nine months of 2003, sales grew 4.7% to $15.94 billion, while net income gained 0.6% to $647 million. Web: alcoa.com �2003 FastenerNews.com
There are no comments at the moment, do you want to add one?
Write a comment