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Article: Alcoa reports second quarter decline
- Article from:
- Charleston Daily Mail
- Article date:
- July 9, 2008
- Author:
CopyrightCopyright 2008 Charleston Daily Mail. Provided by ProQuest LLC. (Hide copyright information)
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PITTSBURGH - Alcoa Inc., the world's third-largest aluminum
producer, ushered in the second-quarter earnings season by posting a
24 percent earnings decline as rising production costs eroded
profits, but the results still exceeded analysts' expectations.
Alcoa, the first of the Dow Jones industrials to report earnings
this quarter, said Tuesday it earned $546 million, or 66 cents per
share, for the three months ended June 30, compared with $715
million, or 81 cents per share, in the year-ago period.
Quarterly revenue dropped about 6 percent to $7.62 billion.
Wall Street analysts surveyed by Thomson Financial, on average,
were expecting profits of 64 cents per share on revenue of $7.36 ...