Pittsburgh – Aluminum maker Alcoa Inc. on Monday said second-quarter profit slipped nearly 4 percent as outage costs at two smelters weighed down results.
Net income for the three months ended June 30 fell to $715 million, or 81 cents per share, from $744 million, or 85 cents per share, for the same period last year, the Pittsburgh-based company said in a statement.
Alcoa, the first of the Dow Jones industrials to report earnings this quarter, booked $36 million, or 4 cents per share, for curtailment costs at its facilities in Alcoa, Tenn., and Rockdale, Texas.
A production line at the Tennessee aluminum smelter, knocked out by a lightning strike in April, was restarted last month.
The Rockdale smelter’s output was reduced for refurbishment expected to be completed in the fourth quarter.
The results also included a restructuring gain of $21 million, or 2 cents per share, mainly from the completion of a joint venture with Sweden’s Sapa Group.
