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Article: Alcoa's 2Q profit sinks 24 percent as higher prices fail to offset raw material, outage costs
- Article from:
- AP Worldstream
- Article date:
- July 9, 2008
- Author:
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Alcoa Inc.'s second-quarter earnings fell nearly 24 percent as higher prices failed to offset the costs of raw materials, energy and facility disruptions, the aluminum producer said Tuesday.
The Pittsburgh-based company earned $546 million, or 66 cents per share, for the quarter that ended June 30, compared with $715 million, or 81 cents per share, during the same period a year earlier.
Quarterly revenue dropped about 6 percent to $7.6 billion.
Alcoa is the world's third-largest aluminum producer and the first of the Dow Jones industrial average components to post quarterly earnings.
Results beat Wall Street estimates. Analysts, on average, expected profits of 64 ...