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News > Companies
Alcoa revises 2Q down
August 10, 2001: 6:07 p.m. ET

Aluminum producer says bankruptcy filings lead to $12M pre-tax charge
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NEW YORK (CNNfn) - Alcoa Inc. revised its second-quarter results downward after the close of Friday's trading due to some of its customers filing for bankruptcy in early August.

The Pittsburgh-based aluminum producer said the filings forced the company to take a $12 million pre-tax, or $8 million after-tax, charge in its second quarter.

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Excluding charges, the company said it earned $421 million in the quarter, or 48 cents per share, down from the $429 million, or 49 cents per share, originally reported July 6. Including charges, Alcoa posted a profit of $307 million, or 35 cents per share, compared to the original $315 million, or 36 cents per share.  

The revised earnings of 48 cents per share still tops analysts' estimate of 45 cents per share for Alcoa's second quarter, according to First Call.

In after-hours trading, shares of Alcoa gave back 26 cents from Friday's 3.12 percent gain in regular trading on the New York Stock Exchange. graphic

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