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Business Briefing / Earnings

Alcoa loss is smaller than expected

July 09, 2009|TIMES WIRE REPORTS

Alcoa Inc. reported a second-quarter loss that was narrower than analysts had estimated, as production cuts and workforce reductions helped the aluminum producer save money.

Excluding certain items, the loss was 26 cents a share, narrower than analysts' average estimate of a 38-cent loss. The net loss of $454 million, or 47 cents a share, compared with net income of $546 million, or 66 cents, a year earlier, the New York-based company said. Sales fell 41% to $4.24 billion.

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