Advertisement
 
YOU ARE HERE: LAT HomeCollections

Alcoa Reports Loss, but Beats Forecasts

IN BRIEF / METALS

January 09, 2002|Associated Press

Aluminum giant Alcoa Inc. reported its first quarterly loss in eight years, citing the cost of plant closings and job cuts. Excluding one-time charges, however, the company's earnings beat analysts' reduced expectations.

The Pittsburgh-based company posted a loss of $142 million, or 17 cents a share, for the quarter ended Dec. 31, compared with profit of $392 million, or 45cents, a year ago.

Excluding a $241-million restructuring charge, the company earned $99 million, or 11 cents a share, on a 21% decline in revenue to $5.2 billion. Analysts predicted earnings of 10 cents a share.

Alcoa stock fell 82 cents to $37.34 on the NYSE.

Advertisement
Los Angeles Times Articles
|
|
|