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ALCOA ISSUES EARNINGS

 ALCOA ISSUES EARNINGS
 PITTSBURGH, April 13 /PRNewswire/ -- Alcoa (NYSE: AA) today


announced earnings of $76.0 million, or 89 cents per common share, for the first quarter of 1992, which included $8.0 million, or 10 cents per common share, from the sale of investments in Venezuela.
 First quarter 1991 earnings were $97.0 million, or 1.14 per common share, which included favorable translation and exchange adjustments of $10.2 million, or 12 cents per common share, mostly related to operations in Norway.
 Revenues were $2.3 billion, down 7 percent from $2.4 billion for the 1991 first quarter. Aluminum products accounted for 68 percent of total revenues compared with 72 percent in the year-ago quarter.
 Aluminum shipments were 666,000 metric tons compared with 642,000 metric tons for the year-ago quarter. Primary aluminum ingot shipments accounted for 35 percent of total aluminum shipments compared with 39 percent in the 1991 first quarter.
 The earnings decline from the 1991 first quarter reflects lower prices for alumina, ingot and most fabricated products that were partially offset by higher shipments.
 Return on shareholders' equity for the 1992 first quarter, annualized, was 6.1 percent compared with 7.5 percent in the 1991 first quarter.
 The company reported that its estimated effective tax rate for 1992 will be lower than in 1991, before special charges, due primarily to favorable settlements of prior years' taxes by Alcoa Aluminio in Brazil and tax law changes in Norway benefiting operations there.
 First quarter 1992 earnings were higher than 1991 fourth quarter earnings, excluding special charges in the fourth quarter. The company attributed the rise to general improvements in operating performance and reduced costs.
 Alcoa is the world's largest producer of aluminum. The company has 159 operating and sales locations in 22 countries with 65,600 employees.
 Financial and operating data for Alcoa and its subsidiaries follow.
 ALCOA AND SUBSIDIARIES
 Financial Report
 (in millions except share and ton amounts)
 (unaudited)
 First quarter
 For the period ended March 31 1992 1991
 Sales and operating revenues $ 2,251.4 $ 2,410.0
 Other income 37.5 41.2
 2,288.9 2,451.2
 Cost of goods sold and
 operating expenses 1,694.9 1,779.7
 Selling, general administrative
 and other expenses 135.9 138.6
 Research and development expenses 56.7 58.4
 Provision for depreciation
 and depletion 168.1 172.6
 Interest expense 31.6 41.2
 Taxes other than payroll
 and severance taxes 31.5 28.6
 2,118.7 2,219.1
 Income from operations before
 taxes on income 170.2 232.1
 Provision for taxes on income 53.6 84.5
 Income from operations 116.6 147.6
 Less: Minority interests' share (40.6) (50.6)
 NET INCOME $ 76.0 $ 97.0
 Per common share $ 0.89 $ 1.14
 Shares outstanding 85,261,805 84,897,995
 Average number of shares used to compute
 earnings per common share 85,161,673 84,865,111
 Shipments of aluminum
 products (metric tons) 666,000 642,000
 Return on shareholders' equity
 (annualized) 6.1 pct. 7.5 pct.
 -0- 4/13/92 R
 /CONTACT: Alfred T. Posti of Alcoa, 412-553-4465/
 (AA) CO: Alcoa ST: Pennsylvania IN: MNG SU: ERN


DM -- PG010 -- 7891 04/13/92 15:37 EDT
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Publication:PR Newswire
Date:Apr 13, 1992
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