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Alcoa said its second-quarter profit increased by $331 million from the previous quarter, mainly due to increased shipments, higher output, favorable exchange factors and lower energy costs. These factors offset a slight decline in the net real-price of metals. -- The adverse impact of a drop of $22/tonne to $2,309.
The net effect of the second-quarter special factors on profits was $2 million, while the first quarter restructuring and other special expenses totaled $295 million, or 29 cents per share.
Revenues for the second quarter totaled $5.2 billion, a 6% increase from the first quarter, mainly due to a 4% increase in aluminum shipments and a 1% increase in bauxite third-party prices. Many of Alcoa's business areas achieved strong revenue growth, including 17% increase in packaging business revenue, 10% increase in commercial transportation revenue, 9% increase in construction revenue, 5% increase in distribution revenue, and increase in industrial steam turbine revenue. 5%, aviation business revenue increased by 5%. Total revenue for the quarter increased significantly by 22% from $4.2 billion in the second quarter of 2009.
Klaus Kleinfeld, chairman and CEO of Alcoa, said: “Our profit and revenue have increased, and we have maintained a solid cash position. Profit and revenue growth is mainly due to the strong end market. The increase in shipments and our continuous improvement in output projects continue. As the demand in the end market improves, we have decided to increase our growth forecast for aluminum consumption this year from 10% to 12%."
With a series of cash sustainability programs, Alcoa's merchandising cost/sales ratio decreased by 90 basis points from the previous season's 82.1% to 81.2%. In the second quarter of this year, EBITDA (profit before interest, tax, depreciation and amortization) was $274 million, and the full-time EBITDA margin was 14.0%, the highest since the third quarter of 2008.
Net profit for the second quarter was $136 million, or 13 cents per share. In the first quarter of this year, the net loss was $201 million, or 20 cents per share, including the restructuring and other special projects mentioned above. In the second quarter of 2009, Alcoa posted a net loss of $454 million, or 47 cents per share, which also included restructuring expenses.
Free cash flow for the second quarter of 2010 was $87 million. As of the end of the second quarter, Alcoa's debt/capital ratio was 38.4%, down 130 basis points from the second quarter of 2009. Compared with the second quarter of 2009, the total debt at the end of the second quarter of this year decreased by $465 million. As of the end of the second quarter, Alcoa held a total of $1.34 billion in cash.
In the first half of 2010, Alcoa's revenue totaled $10.1 billion, with a continuing operating loss of $57 million, or 6 cents per share. In the first half of the year, Alcoa posted a net loss of $65 million, or 6 cents per share.
Taper Drill Bit With Countersink
Hss Drill Bits For Wood-Taper Drill Bit With Countersink
Application:Wood Working
Tapered drill with widened flutes for drilling fast,clean pilot holes.
Adjustable four cutter counterbore cuts and clears chips quicker for fast, smooth countersinking.
Surface Finish
Bright (Black Oxide, Amber Color, Titanium, Black & Gold, Black & Bright are Available)
Package
in PVC Pouch, Plastic Box, Individually in Skin Card, Double Blister, Clamshell, Metal Box
Features
1.High-speed steel tools are good for most general purpose applications, offering a combination of hardness and toughness for wear resistance.
2.Universal 118° point shape for drilling a wide selection of materials.
3.Precision ground point, flutes, body, clearance and drill diameter for the ultimate in accuracy and performance.
4.Ground flutes provide fast chip removal to maximize accuracy and efficiency along the full working surface of the bit.
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