Aluminum maker Alcoa posts $138 million profit in 2Q
Alcoa has reported a second-quarter profit of $138 million, beating analysts' expectations.
The company says net income was 12 cents per share. In the same quarter last year, it lost $119 million, or 11 cents per share.
Alcoa reports strong results in its engineered-products business, which makes parts for industrial customers, while looking to cut costs in its aluminum-smelting segment.
Alcoa has struggled in recent years with low aluminum prices and has increased its focus on making sheets and other products for manufacturers of airplanes and autos, who value aluminum for its light weight. Two weeks ago, Alcoa raised its bet on the finished-goods side of the business by announcing the $2.85 billion acquisition of British jet engine component maker Firth Rixson.
CEO Klaus Kleinfeld says the latest results show the strategy is working.
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