Alcoa Reports Second Quarter 2010 Results

Highlights: Income from continuing operations of $137 million or $0.13 per share; net income of $136 million or $0.13 per share. Revenue of $5.2 billion, a six percent increase from the first quarter of 2010, primarily driven by higher volume. EBITDA of $724 million -- EBITDA Margin of 14.0 percent highest since third quarter 2008. Free cash flow in the second quarter totaled $87 million. Cash on hand of $1.34 billion. Global aluminum consumption forecast raised from 10 to 12 percent on improved end-market demand.

Alcoa announced second quarter 2010 income from continuing operations of $137 million or $0.13 per share compared with a first quarter 2010 loss from continuing operations of $194 million, or a loss of $0.19 per share. First quarter 2010 results included restructuring and special charges of $295 million, or $0.29 per share. The second quarter of 2009 showed a loss from continuing operations of $312 million, or $0.32 per share including restructuring charges.

Earnings for the second quarter improved $331 million sequentially as stronger volumes, productivity improvements, favorable currency and lower energy costs more than offset slightly lower average realized metal prices which declined $22 a metric ton, to an average of $2,309 a ton in the quart