Alcoa reports solid second quarter 2015 profits

Lightweight metals leader Alcoa reported solid second quarter 2015 results as the Company’s transformation showed strong progress. Profitability from Alcoa’s growing aerospace and automotive businesses increased year-over-year as mid and downstream investments delivered positive impact. In the upstream, the Primary Metals business was resilient in the face of market headwinds and the Alumina business delivered its strongest first half results in eight years. Alcoa reported second quarter 2015 net income of US$140m including US$143m in restructuring-related charges, primarily to optimize the Company’s upstream portfolio. Year-over-year, second quarter 2015 results compare to net income of US$138m in second quarter 2014. Excluding special items, second quarter 2015 net income grew to US$250m up 16% from US$216m in the year-ago period. Second quarter 2015 revenue rose to US$5.9bn, from US$5.8bn in second quarter 2014, up 1% year-over-year. Organic growth in aerospace, automotive and alumina, combined ith acquisitions, grew second quarter revenue by 12.7%. This profitable growth more than offset an 11.7% decline in revenue caused by closing and divesting lower-margin businesses and market headwinds.