- THE MAGAZINE
Income from continuing operations was $326 million for the second quarter of 2011. Excluding the negative impact for special items of $38 million, income from continuing operations was $364 million. Second quarter 2011 net income was $322 million, vs. $136 million net income in the second quarter of 2010; net income in the 2011 first quarter was $308 million.
The alumina segment had after-tax operating income (ATOI) of $186 million in the 2011 second quarter, an increase of 31% compared to the first quarter of the year. Adjusted EBITDA rose to $335 million, a sequential increase of 17%. A 7% improvement in realized alumina price was partially offset by higher raw materials and energy costs, as well as a negative currency impact. Alumina production in the second quarter increased from the previous quarter to a record 4.1 million metric tons.
“We turned in another strong quarter, with solid revenue and earnings growth,” said Klaus Kleinfeld, chairman and CEO. “Across the company, our team is delivering outstanding results through our constant focus on execution and by reinventing what customers believe is possible through innovation. Although the economic recovery is uneven, the overall outlook for Alcoa-and for aluminum-remains positive. Demand for aluminum continues to rise and so does growth in our major markets. These factors support our projection that aluminum demand will grow 12% this year and will double by 2020.”
For more information, visit www.alcoa.com.