Alcoa Results Reach New High

Wheel manufacturer Alcoa has announced an all time high first quarter result for the first three months of 2007, with income from continuing operations recorded at US$673, or $0.77 per diluted share. Net income for the quarter was $662 million, or $0.75 a share, nine per cent more than Q1 2006 and almost double the amount recorded in the fourth quarter of 2006.

Quarterly revenue increased 11 per cent from a year ago to $7.9 billion. Fourth quarter 2006 revenues were $7.8 billion. According to Alcoa chairman and CEO Alain Belda, this improvement can be in part attributed to the company’s focus on higher value-added lines, such as aerospace products.