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Alcoa posts bigger Q2 loss on special items costs
Last Updated: 2013-07-09 09:55 | Xinhua
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Alcoa Inc. reported its wider loss of second-quarter from a year ago after Monday's trading, but stressed that excluding costs for special items, the results slightly beat Wall Street expectations.

Alcoa said in a statement that the loss was caused by special items primarily for restructuring and a legacy legal matter, which offset its strong operational performance in the second quarter of 2013.

The aluminum giant reported a net loss of 119 million U.S. dollars, or 11 cents per share, in the quarter, which includes 195 million dollars of special items. The net loss was far bigger than the year-ago loss of 2 million dollars.

Excluding the impact of special items, Alcoa made a net income of 76 million dollars, or seven cents per share, on revenue of 5.849 billion dollars driven by productivity gains across all business segments and record performance in Engineered Products and Solutions, according to the statement.

The adjusted per-share earnings beat market expectations by just one cent. Analysts polled by financial data company FactSet expected the aluminum producer to report earnings of six cents a share on revenue of 5.85 billion dollars.

"Our businesses showed remarkable operating performance in the quarter with solid free cash flow," said Alcoa Chairman and Chief Executive Officer Klaus Kleinfeld.

"We improved our competitive position by actively restructuring, curtailing, and closing facilities and made progress addressing legacy legal issues," Kleinfeld noted.

The release of Alcoa's quarterly results is regarded as the unofficial start of a new round of earnings season, as the company is traditionally the first Dow Jones Industrial Average component to report results.

Alcoa is the world's leading producer of primary and fabricated aluminum, as well as the world's largest miner of bauxite and refiner of alumina.

Alcoa shares jumped 1.41 percent to close at 7.92 dollars per share on Monday, but wobbled in the after-hours trading. After the release of its results Alcoa shares jumped some 2 percent immediately but turned negative later on.

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