Alcoa breaks even after second-quarter charges
7/9/12 4:16 PM ET (MarketWatch)
SAN FRANCISCO (MarketWatch) -- Alcoa late Monday swung to a second-quarter net loss of $2 million amid a drop in aluminum prices and a raft of charges. In last year's same period, Alcoa earned $322 million, or 28 cents a share. Alcoa said quarterly revenue was $6 billion, down 9% from the same 2011 period. Excluding charges, Alcoa said it made 6 cents a share. Analysts had expected 5 cents a share on $5.8 billion in revenue, according to a FactSet. During the quarter ended June 30, Alcoa said realized aluminum prices slid 18% from the year-earlier period. For 2012, Alcoa reaffirmed its projection for a global aluminum supply deficit and demand growth of 7%, on top of the 10 percent growth seen in 2011. Alcoa, a Dow 30 component, is seen as a barometer for global manufacturing, with its products used by construction firms, airlines, auto makers and home-appliance manufacturers. Its shares have been hammered the past 12 months, declining 46%. Alcoa's stock closed Monday at $8.76.