NEW YORK – Alcoa said Wednesday said results from its aerospace and automotive results keep improving, and its second-quarter profit and revenue grew.
Alcoa is trying to change from an aluminum producer to a company that makes aluminum and titanium parts for cars and planes, and it says orders from both industries are growing. The New York company's second-quarter profit fell short of Wall Street estimates, but its revenue surpassed analyst forecasts.
The company reported net income of $140 million, or 10 cents per share. That's up 1 percent from a year ago. Excluding one-time items, Alcoa said it earned 19 cents per share. Its revenue edged up 1 percent to $5.9 billion.
Analysts expected net income of 23 cents per share and $5.82 billion in revenue, according to Zacks Investment Research.
The company tweaked its projections for the full year, saying it expects slightly better orders from the North American heavy duty truck and trailer market and slower growth from the aerospace business. Its forecast for other markets, including the automotive and building and construction sectors, was unchanged.
In after-hours trading, Alcoa shares rose 6 cents to $10.56. Alcoa Inc. shares fell 56 cents, or 5.1 percent, to close regular trading at $10.50. The shares have dropped 34 percent in 2015 and are trading around their lowest prices in almost a year and a half.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AA at http://www.zacks.com/ap/AA
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Keywords: Alcoa, Earnings Report
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