Alcoa Posts Losses, But Not As Bad As Expected
Alcoa posted losses for the second quarter of 2013, but it wasn't as bad as analysts expected.Alcoa says it lost $119 million, or 11 cents per share, in the April-through-June quarter. That compares with a loss of $2 million a year ago. Revenue fell 2 percent on lower aluminum prices. The results still beat Wall Street expectations. Excluding $195 million in restructuring and legal-expense items, the company said it would have earned 7 cents per share, a penny better than analysts expected. Alcoa continues to see strong sales of aluminum products used in automobiles and airplanes. Shares rose 11 cents to $7.92 Monday, but that was before the quarterly results were released. Shares fell in after-hours trading. Alcoa is one of the north country's largest employers, with two plants in Massena.