Alcoa Inc posted its third consecutive quarterly loss on Wednesday as aluminum demand remained weak and the price of the metal was depressed, despite a recent rally.
The second-quarter net loss was $454 million, or 47 cents per share, compared with earnings of $546 million, or 66 cents per share in the same quarter of 2008, the Pittsburgh-based aluminum producer any said. The loss from continuing operations, was 32 cents per share and excluding restructuring, the loss was 26 cents.
Analysts on average were expecting a loss of 38 cents per share, excluding restructuring, according to Reuters Estimates.
Revenue slumped to $4.2 billion from $7.2 billion a year earlier, as metal prices and the autos industry slumped and global demand fell in the economic downturn.
(Editing by Andre Grenon)