Alcan Profit More Than Doubles in 1Q
Monday May 9, 4:44 pm ET
Alcan Profit More Than Doubles in First Quarter on Higher Aluminum Prices
NEW YORK (AP) -- Alcan Inc., one of the world's largest aluminum producers, said Monday that its earnings more than doubled in the first quarter as higher aluminum prices helped offset rising costs and a weak dollar.
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Quarterly income rose to $216 million, or 58 cents per share, from $104 million, or 28 cents, in the year-ago period. Before paying preferred dividends, net income amounted to $218 million, while income from continuing business was 56 cents per share.
The company's earnings matched the average estimate of 56 cents per share from analysts surveyed by Thomson Financial.
Net sales of $5.17 billion fell 14 percent from $6 billion a year earlier, reflecting less revenue following the spinoff of its rolled-products business in early January. Analysts expected sales of $5.15 billion.
Aluminum volume totaled $1.06 billion, which was 31 percent lower than $1.5 billion last year. Rolled products added about $668 million to overall quarterly volume last year, the company said.
Alcan shares fell 36 cents to close at $33 in Monday trading on the New York Stock Exchange, near the lower end of their 52-week range of $31.65 and $52.65.
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