Profitability from Alcoa’s growing aerospace and automotive businesses increased year-over-year as mid and downstream investments delivered positive impact.
In the upstream, the Primary Metals business was resilient in the face of market headwinds and the Alumina business delivered its strongest first half results in eight years.
Fiona Cincotta, a Senior Market Analyst at Finspreads said: “Alcoa is currently trying to change from an aluminium producer to a company that makes aluminium and titanium parts for cars and planes and when the results are analysed it is easy to see why. Alcoa´s primary metal unit continues to be a drag on the company, recording a 30% slump in after tax operating income figure and being heavily affected by the decline in metal price on the London Metal Exchange. However the engineered products and solutions segment and global rolled products division saw after tax operating income increase 4% and 9% respectively.”
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