- Alcoa (NYSE:AA) +0.8% AH after reporting Q2 earnings that missed analyst forecasts but beating on revenue, driven by strong organic growth in aerospace, automotive and alumina businesses.
- Q2 operating earnings at the smelting division fell 31% Y/Y to $67M amid lower aluminum prices, but the company says the revenue shift reflects how its transformation is driving the portfolio to higher profitability.
- Operating earnings in the global rolled products division rose 9% to $76M, led by growth in automotive sheet shipments; operating earnings in the engineered products business added 4% to $210M, helped by acquisitions and higher volumes.
- Reaffirms global aluminum demand growth of 6.5%.
- Shares fell 5.1% in regular trading, touching a 52-week low.