NEW YORK – Aluminum maker Alcoa Inc. (AA) on Monday said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
Net income fell to $715 million, or 81 cents per share, from $744 million, or 85 cents per share, for the same period last year.
The recent results include an after-tax restructuring increase of $21 million, mainly from the completion of a joint venture with Sweden's Sapa Group, and a 2 cent-per-share charge linked to Alcoa's outstanding $27.5 billion bid for Canadian rival Alcan (AL) Inc.
Quarterly revenue rose to a record $8.1 billion, a 3.8 percent increase from $7.8 billion during the year-ago period. The growth was fueled by higher volumes and improved product mix, according to the Pittsburgh-based company.
Analysts surveyed by Thomson Financial were expecting earnings of 81 cents per share on sales of $8.3 billion.