Alcoa CEO: Aluminum demand will grow 12% this year; will double by 2020
Alcoa’s (NYSE: AA) second quarter 2011 income from continuing operations jumped 138 percent compared to a year ago on growing revenue, record quarterly alumina revenue and record mid- and down-stream performance, the Company announced today.
Income from continuing operations was $326 million for second quarter 2011, or $0.28 per share. Excluding the negative impact for special items of $38 million, income from continuing operations was $364 million, or $0.32 per share.
Second quarter 2011 income from continuing operations was up 138 percent from second quarter 2010 income of $137 million, or $0.13 per share, and up 6 percent from first quarter 2011 income of $309 million, or $0.27 per share.
Net income for second quarter 2011 was $322 million, or $0.28 per share, compared to net income in second quarter 2010 of $136 million, or $0.13 per share, and net income in first quarter 2011 of $308 million, or $0.27 per share.
“We turned in another strong quarter, with solid revenue and earnings growth,” said Alcoa Chairman and CEO Klaus Kleinfeld. “Across the Company, our team is delivering outstanding results through our constant focus on execution and by reinventing what customers believe is possible through innovation.
“Although the economic recovery is uneven, the overall outlook for Alcoa - and for aluminum - remains positive,” Kleinfeld said. “Demand for aluminum continues to rise and so does growth in our major markets. These factors support our projection that aluminum demand will grow 12 percent this year and will double by 2020.”
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