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Alcoa swings to 1Q distinction on aerospace, automotive sales

Kleinfeld, Klaus duplicate 2

Klaus Kleinfeld, authority and CEO, Alcoa

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Justine Coyne
Reporter- Pittsburgh Business Times


Alcoa Inc. swung to a distinction in a initial entertain of 2015, driven essentially by expansion in a company’s automotive and aerospace sales.

Net income for a entertain finished Mar 31 was $195 million, or 14 cents per share. This compares to a net detriment of $178 million, or 16 cents per share, in a same duration a year ago. The company’s first-quarter opening in 2014 was impacted by special equipment tied to restructuring a operations.

Alcoa (NYSE: AA) reported sales for a entertain of $5.8 billion, adult 7 percent from $5.4 billion in a initial entertain of 2014.

“First entertain formula uncover a mutation is relocating during ongoing high speed and is entirely on course,” Alcoa Chairman and CEO Klaus Kleinfeld pronounced in a prepared statement. “We are organically and inorganically broadening a innovative, multi-material value-add businesses, bringing new capabilities and materials to a aerospace and automotive offerings, and holding quick movement in a upstream, creation it some-more competitive. We are pulling on all levers to emanate tolerable shareholder value.”

Alcoa announced Mar 9 it will acquire Pittsburgh-based RTI International Metals Inc. (NYSE: RTI) in a understanding valued during $1.5 billion. Alcoa pronounced it expects to finish a merger in dual to 5 months on receiving all compulsory regulatory clearances and RTI shareholder approval.

Justine Coyne covers production and aloft education.

Article source: http://www.bizjournals.com/pittsburgh/news/2015/04/08/alcoa-swings-to-1q-profit-on-aerospace-automotive.html

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