Alcoa Earnings Tumble 8 Percent
Aluminum Co. of America said Thursday first-quarter profits fell 8 percent on lower aluminum prices and a loss from a subsidiary that made casings for computer chips.
But the profit was still a pleasant surprise on Wall Street, where the company’s stock rose $1.62-1/2 to $62 per share on the New York Stock Exchange.
Net income was $178.2 million, or $1.01 per share, down from $193.8 million, or $1.08 per share, in the first quarter of 1995. Sales rose 4.6 percent to $3.15 billion.
Analysts had been expecting a 91-cent-per-share profit, according to a consensus estimate by First Call Inc.