4/9/2015 2:56:00 AM
NEWS BRIEFS
Record Sales & Income for Alcoa’s Fastener Segment
Alcoa reported Engineered Products segment sales, including Alcoa Fastening Systems, grew 17% to a record $1.69 billion in the opening quarter of 2015. After-tax operating income (ATOI) was a first quarter record of $191 million, up $2 million, or 1%, year-over-year, and up $26 million, or 16%, sequentially.
“Year-over-year, productivity improvements and higher volumes in aerospace, commercial transportation and North American non-residential construction markets were offset by unfavorable price/mix and unfavorable foreign currency exchange rates,” the company stated.
Adjusted EBITDA margin was 20.1% in Q1 compared to 22.2% in the year-ago quarter.
Overall revenue gained 7% to $5.8 billion, driven principally by organic growth in automotive and aerospace. Q1 net income reached $195 million, or $0.14 per share.
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