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April 11, 2011, 4:31 p.m. EDT

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By MarketWatch

Alcoa swings to profit, stands by 2011 targets

(4:14 PM ET) SAN FRANCISCO (MarketWatch) -- Alcoa Inc. /zigman2/quotes/200686102/composite AA -1.76% on Monday reported first-quarter net income of $308 million, or 29 cents a share, vs. a loss of $201 million, or 20 cents a share, a year ago. Excluding discontinued operations, earnings came in at 27 cents a share. Sales rose to $5.96 billion from $4.89 billion. Analysts polled by FactSet Research were looking for a profit of 27 cents a share, on average, with sales of $6.2 billion. The metals giant also said it is "well on track" to meet its 2011 financial targets.

Shaw Group fiscal Q2 profit falls

(8:21 AM ET) NEW YORK (MarketWatch) -- The Shaw Group Inc.said on Monday that its fiscal second-quarter profit attributable to common shareholders for the period ended Feb. 28 fell to $2 million, or a penny a share, from $61.5 million, or 72 cents a share a year ago. Shaw's revenues fell to $1.42 billion versus $1.62 billion a year ago. On an adjusted basis, the company reported second quarter net income of $35 million, or 40 cents a share, compared to $40.1 million, or 47 cents a share a year ago. Analysts polled by FactSet Research had expected the company to earn 45 cents a share. Shaw also said it sees its FY 2011 adjusted EPS at $1.86 to $1.91. It expects to report revenue of about $6.3 billion for the full year.

Benchmark Electronics cuts first-period estimates

(7:20 AM ET) TEL AVIV (MarketWatch) -- Benchmark Electronics Inc., /zigman2/quotes/201136259/composite BHE -1.91% the Angleton, Texas, provider of contract design, manufacturing and engineering services for the computer industry, on Monday estimated first-quarter adjusted earnings at 23 cents to 26 cents a share on $540 million of sales. In February, the company had estimated first-quarter profit at 30 cents to 36 cents a share on sales of $565 million to $605 million. A survey of analysts by FactSet Research was estimating 33 cents and $587.3 million for the quarter. The company cited "softer-than-projected demand and temporary inventory corrections from some of its customers." Benchmark expects "a reversal of this sales decline" and "a rebound in the second quarter."

GKN pretax profit up 51%; Japan affects auto unit

(2:32 AM ET) MADRID (MarketWatch) -- Global engineering group GKN PLCon Monday reported a 51% rise in first-quarter profit before tax to £107 million ($175 million) against £71 million in the year-ago quarter. Sales rose 14% to £1.49 billion, against £1.31 billion a year ago. Currency-translation effects reduced sales by £7 million, while acquisitions increased sales by £5 million. The group said global-light-vehicle production rose 4% in the first quarter to 19.4 million. Production in Japan was severely disrupted by March 11 earthquake and tsunami, which has caused problems in Europe and North America owing to component-supply issues from Japan. Japanese original equipment manufacturers will resume volume production through April and May, but GKN said it will be "some time" before industry can catch up on lost production in the first half. GKN said its outlook remains in line with its March statement, though continued short-term disruption owing to Japan should be expected.

$ 44.78
-0.80 -1.76%
Volume: 6.63M
July 1, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$8.26 billion
Rev. per Employee
$ 22.13
-0.43 -1.91%
Volume: 190,237
July 1, 2022 4:00p
P/E Ratio
Dividend Yield
Market Cap
$777.49 million
Rev. per Employee

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