Earnings Fall At Alcoa

Alcoa, the world’s largest aluminium manufacturer and a key player in the aluminium wheel sector, reported lower fourth quarter profits due to weakened prices and lower demand from the aerospace and transport industries. The company also posted its first net quarterly loss in seven years. Fourth quarter earnings, excluding charges, were 11 cents per share, however a 28 cent per share after-tax charge for restructuring resulted in a net loss of 17 cents per share against a net income of 45 cents per share for the same quarter in the previous year.