According to report, the US aluminum supplier Alcoa Corporation has adjusted its full-year earnings outlook down as net income dropped in the second quarter due to Section 232 for import duties lately imposed in March.
It reported the adjusted earnings before interest, taxes, depreciation and amortization to be around US$3-3.2, dropped from previously forecasted $3.5-3.7 billion in previous quarter.
The revenue for April to June quarter increased to US$3.58 billion from US$3.09 billion in the previous quarter which was mainly reflected the high aluminum prices on the LME. But net income dropped to US$75 million from US$150 million from the previous quarter due to Section 232 with duties since March 8th.
The incurred costs for tariffs on imports was US$15 million. Its imports were mainly from Canada but the Section 232 was effective on June 1st, 2018. The company saw the uncertainty will still be there due to the tariffs for global supply.
Alcoa lowers full-year outlook on Section 232
19 Jul 2018 18:13 reported by Judy Lin
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