ALCOA, America’s largest aluminium producer, last night reported larger-than-expected second quarter earnings of $76m (£50.1m), partly due to strong performance from its engineered products and solutions business.
The company is no longer the bellwether it once was, due to the plight of the aluminium industry and the price of the metal, but its quarterly results are still closely followed, as they mark the unofficial start of the earnings season in North America.
Alcoa is the smallest company on the Dow Jones.
Quarterly revenue fell two per cent to $5.85bn, largely because of lower aluminium prices, but revenue topped analysts’ expectations of $5.83bn.
Stubbornly low aluminium prices caused by a global surplus and concerns about lackluster demand have weighed on Alcoa’s business.
City A.M. Reporter