Alcoa sales up 7% in Q4 2010
Aluminium specialist reports its highest net income since Q3 2008
Alcoa Inc, the world’s leading producer of primary and fabricated aluminium, has enjoyed its highest quarterly net income since the third quarter of 2008. The company reported a net income of $258m for the fourth quarter of 2010 – an increase of $197m on the prior year period – on revenues of $5.7bn. Revenue was up 7% on the third quarter of 2010 and 4% from the same period of 2009.
According to Alcoa, improved earnings were driven by the combined effect of higher pricing, strengthened end markets and improved productivity as a result of Alcoa’s cash sustainability programme.
Solid fourth quarter sales had a positive effect on the company’s full year 2010 figures; 2010’s revenue was $21bn, up 14% on 2009, while income from continuing operations amounted to $262m.
Chairman and ceo Klaus Kleinfeld is confident the company can continue this run of form throughout the year. “In 2011, we see aluminium growing another 12% on top of last year’s 13% improvement,” he comments. “We are well positioned to outpace the recovery in the markets we serve and grow shareholder value.”
