7/9/2014 3:00:00 AM
NEWS BRIEFS
Alcoa Fastener Segment Achieves “Best-Ever” Results
Alcoa reported “best-ever” results for its Engineered Products and Solutions segment, including results from Alcoa Fastening Systems. Segment sales grew 2.3% to $1.5 billion during the second quarter of 2014.
Segment ATOI rose 8% to a quarterly record of $204 million sequentially and up $11 million, or 6%, year-over-year. Sequentially, higher volumes across all businesses and favorable productivity drove the improvement. Segment third-part aluminum shipments gained 6.9% – both sequentially and year-over-year – to 62 kmt.
This segment reported a record adjusted EBITDA margin of 23.1%, compared to 22.2% for both first quarter 2014 and the same quarter last year.
FIrst-half Engineered Products and Solutions segment sales increased 1.9% to $2.94 billion, with third-part aluminum shipments up 11.5% to 120 kmt. Segment ATOI gained 7.4% to $393 million.
All of Alcoa’s business segments were profitable during the quarter.
Overall Alcoa revenue edged down 0.2% to $5.84 billion in Q2, with before-tax income of $207 million and net income of $129 million.
“Our second quarter results prove Alcoa’s transformation is in high gear,” said CEO Klaus Kleinfeld. “We are taking the downstream business to new profitability heights, capturing midstream demand as auto lightweighting accelerates, while continuing to relentlessly improve upstream performance.”
“Our strategy of building a lightweight multi-material innovation powerhouse and a highly competitive commodities business is driving compelling and sustainable shareholder value.”
Consolidated six-month sales dipped 3.3% to $11.3 billion, with a pre-tax loss of $67 million and a net loss of $68 million. ©2014 GlobalFastenerNews.com
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