NEW YORK — Alcoa said Wednesday that stronger results from its aerospace and automotive segments helped boost second-quarter profit and revenue.
But the company was hurt by lower selling prices for aluminum, and adjusted earnings fell short of Wall Street expectations.
Alcoa is trying to change from an aluminum producer to a company that makes aluminum and titanium parts for cars and planes, and it says orders from both industries are growing. The New York company's second-quarter profit fell short of Wall Street estimates, but its revenue surpassed analyst forecasts.
The company reported net income of $140 million, or 10 cents per share. That's up 1 percent from a year ago. Excluding one-time items, Alcoa said it earned 19 cents per share. Its revenue edged up 1 percent to $5.9 billion.
Analysts expected net income of 23 cents per share and $5.82 billion in revenue, according to Zacks Investment Research.
Alcoa said that the price it received for aluminum fell 5 percent from a year earlier, to $2,180 per ton.
The company tweaked its projections for key sales markets. The company expects sales in the North American heavy duty truck and trailer market to rise faster than earlier projections, but aerospace will grow more slowly in 2015 because of a slower buildup in the Airbus A350 and Bombardier C-Series programs. Alcoa, however, sharply raised its forecast of aerospace growth in 2016 and 2017.
In after-hours trading, Alcoa shares rose 3 cents to $10.53. Alcoa Inc. shares fell 56 cents, or 5.1 percent, to close regular trading at $10.50. The shares have dropped 34 percent in 2015 and are trading around their lowest prices in almost a year and a half.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AA at http://www.zacks.com/ap/AA
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