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Alcoa Net Income Up 32% From Year-Ago Quarter On Strong Operating Performance
PITTSBURGH--April 6, 1998--
Alcoa today announced net income of $209.9 million, or $1.25 per common
share, for the first quarter of 1998. This compares with net income of
$159.1 million, or 92 cents per share, in the 1997 first quarter.
First quarter 1998 earnings were $229.7 million, or 44% above the 1997
first quarter, before marking to market certain aluminum commodity
contracts. Of the $19.8 million mark-to-market loss (12 cents per
share), $17.3 million, or 10 cents per share, is related to fabricated
product sales contracts that will be shipped in future quarters.
"Operating performance produced excellent earnings in the first
quarter," said Paul O'Neill, chairman and CEO. "Being able to perform at
this level with low metal prices validates our belief and determination
that we can be a high-performance growth company in a cyclical industry."
Revenues in the 1998 quarter were $3.4 billion compared with revenues of
$3.2 billion in the 1997 first quarter. Aluminum shipments were 778,000
metric tons (mt) compared with 720,000 mt in the year-ago quarter.
Return on shareholders' equity for the 1998 quarter, annualized, was
17.9% compared with 13.7% in the 1997 first quarter.
Founded in 1888, Alcoa is the world's leading producer of aluminum and
alumina and a major participant in all segments of the industry: mining,
refining, smelting, fabricating and recycling. Alcoa serves customers
worldwide in the packaging, automotive, aerospace, construction and
other markets with a great variety of fabricated and finished products.
The company has 187 operating locations in 28 countries.
Financial and operating data for Alcoa and its subsidiaries follow:
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