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ALCOA REPORTS EARNINGS

 PITTSBURGH, April 7 /PRNewswire/ -- Alcoa (NYSE: AA) today reported earnings of $27.6 million, or 31 cents per common share, for the first quarter of 1993.
 First quarter 1992 earnings were $55.1 million, or 64 cents per share, which included $8.0 million, or 10 cents per share, from the sale of investments in Venezuela. After a one-time charge for accounting changes, the company had a loss of $1,056.3 million, or $12.42 per share, in this quarter. The 1992 quarterly earnings were restated at the end of 1992 to reflect the implementation of these changes.
 Revenues were $2.1 billion, down 7 percent from $2.3 billion for the 1992 first quarter. Aluminum shipments were 610,000 metric tons (mt), down 8 percent from 666,000 mt for the comparable 1992 quarter.
 The decline in earnings from the first quarter 1992 reflects excess metal from the Commonwealth of Independent States that is keeping aluminum ingot prices at historically low levels, and severe price competition in rigid container sheet for beverage cans. The earnings decline was mitigated by continued improvements in operating performance and cost reductions in Alcoa's businesses and staff units.
 First quarter 1993 earnings included currency exchange gains of $4.8 million, or six cents per share, resulting from a devaluation of the Suriname guilder.
 Return on shareholders' equity for the 1993 first quarter, annualized, was 3.0 percent compared with 8.0 percent in the 1992 first quarter, excluding the charge.
 Alcoa is the world's largest producer of aluminum. The company has more than 160 operating and sales locations in 23 countries.
 Financial and operating data for Alcoa and its subsidiaries follow.
 FINANCIAL REPORT
 Alcoa and subsidiaries
 (in millions except share and ton amounts)
 (UNAUDITED)
 First quarter
 For the period ended March 31 1993 1992
 Sales and operating revenues $ 2,109.6 $ 2,251.4
 Other income 20.7 34.8
 2,130.3 2,286.2
 Cost of goods sold and
 operating expenses 1,634.7 1,714.7
 Selling, general administrative
 and other expenses 140.3 137.7
 Research and development expenses 34.8 56.9
 Provision for depreciation
 and depletion 168.9 168.1
 Interest expense 20.9 31.6
 Taxes other than payroll and
 severance taxes 24.1 30.0
 2,023.7 2,139.0
 Income from operations before
 taxes on income 106.6 147.2
 Provision for taxes on income 42.1 51.5
 Income from operations 64.5 95.7
 Less: Minority interests' share (36.9) (40.6)
 Income before accounting changes $ 27.6 $ 55.1
 Cumulative effect of accounting
 changes for:
 Postretirement benefits, net of
 $667.2 tax benefit (1,166.4)
 Income Taxes 55.0
 Net Income (Loss) $ 27.6 $ (1,056.3)
 Earnings (loss) per common share:
 Before accounting changes $ 0.31 $ 0.64
 Accounting changes:
 Postretirement benefits (13.71)
 Income taxes 0.65
 $ 0.31 $ (12.42)
 Shares outstanding 88,180,418 85,261,805
 Average number of shares used
 to compute earnings
 per common share 86,313,339 85,161,673
 Translation and exchange
 adjustments included
 in net income $ 4.8 $ 2.4
 Shipments of aluminum
 products (metric tons) 610,000 666,000
 Return on average shareholders'
 equity before accounting changes 3.0 pct. 8.0 pct.
 -0- 4/7/93
 /CONTACT: Alfred T. Posti of Alcoa, 412-553-4465/
 (AA)


CO: Alcoa ST: Pennsylvania IN: MNG SU: ERN

CD -- PG006 -- 3945 04/07/93 17:16 EDT
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Publication:PR Newswire
Date:Apr 7, 1993
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