Alcoa posts $119M 2Q loss on restructuring costs
NEW YORK (AP) — Alcoa says its second-quarter loss widened due to weak aluminum prices, although the results are better than expected after backing out restructuring and legal costs.
The company continues to see strong sales of aluminum products used in automobiles and airplanes.
Alcoa Inc.’s said Monday that it lost $119 million, or 11 cents per share, in the April-through-June quarter. That compares with a loss of $2 million, or break-even on a per-share basis, a year ago.
Excluding special items such as restructuring expenses, Alcoa says it would have earned 7 cents per share, a penny more than analysts expected, according to FactSet.