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In The News:

Alcoa Sales Flat in 2Q

Metal manufacturer Alcoa (NYSE:AA), Pittsburgh, PA, reported sales for the second quarter of $5.8 billion, flat when compared with the same period a year ago. Profit was $138 million, compared to a loss of $119 million a year ago.

Excluding the impact of special items largely tied to restructuring, profit was $216 million, more than double sequentially and nearly triple year-over-year.

For the first six months, sales were $11.3 billion, down 3 percent year over year. The company recorded a net loss for the period of $40 million, compared to profit of $30 million a year ago.

For 2014, the company sees a global aluminum deficit of 930,000 metric tons, an increase from a deficit of 730,000 metric tons estimated in the first quarter. Alcoa also sees a tightening of the alumina market with a surplus declining from 2,257,000 metric tons in the first quarter to 824,000 metric tons in second quarter 2014.

Alcoa agreed to acquire Firth Rixson, a supplier of aerospace jet engine components, for $2.85 billion cash and stock acquisition in the second quarter.

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