Alcoa Reports Mixed Q1 Results

Jason Sandefur

Alcoa Inc. reported a 4% sales increase to $5.1 billion in the first quarter of 2003. Alcoa said higher upstream pricing and the inclusion of revenue from recently acquired Fairchild Fasteners offset declines in the packaging and consumer markets. Alcoa completed the $657 million purchase of Fairchild Fasteners in December and combined it with Huck International to form Alcoa Fastening Systems.
Pittsburgh-based Alcoa reported that Alcoa Fastening has already achieved $19 million in annualized synergies since December.
Despite the Q1 sales increase, net income for the quarter fell 31% to $151 million. Web: alcoa.com �2003 FastenerNews.com