On Thursday, Shares of Alcoa Inc. (NYSE:AA), gained 0.27% to $11.10.
Alcoa Inc., declared that it will permanently close its Poços de Caldas primary aluminum smelter in Brazil on June 30, 2015. The smelter has been curtailed since May 2014 and the underlying market conditions that led to the curtailment have not improved.
“The closure of the Poços smelter permanently removes a high-cost smelting facility from the Alcoa system and is another step in creating a more profitable Primary Metals business,” said Alcoa Global Primary Products President Bob Wilt.
Once the Poços smelter is closed, Alcoa’s total global smelting capacity will be reduced by 96,000 metric tons, to 3.4 million metric tons. The Poços mine, refinery, aluminum powder plant and casthouse will continue normal operations.
As a result of the closure, Alcoa anticipates to record restructuring-related charges in second quarter 2015 between $100 million and $110 million after-tax, or $.08 to $.09 per share, of which about 60 percent is non-cash.
Alcoa Inc. produces and manages primary aluminum, fabricated aluminum, and alumina worldwide. The company operates through four segments: Alumina, Primary Metals, Global Rolled Products, and Engineered Products and Solutions.
Shares of Progress Software Corporation (NASDAQ:PRGS), inclined 6.22% to $29.90, during its last trading session, hitting its highest level.
Progress Software Corporation, declared results for its fiscal second quarter ended May 31, 2015.
Revenue in the quarter was $88.8 million contrast to $80.8 million in the same quarter last year, a year over year enhance of 10% on an actual currency basis and 19% on a constant currency basis. On a non-GAAP basis, revenue was $100.9 million contrast to $80.8 million in the same quarter last year.
Additional financial highlights comprised of:
On a GAAP basis in the fiscal second quarter of 2015:
- Revenue was $88.8 million contrast to $80.8 million in the same quarter in fiscal year 2014;
- Loss from operations was $2.7 million contrast to income from operations of $20.3 million in the same quarter last year;
- Net income was $5.8 million contrast to $12.8 million in the same quarter last year; and
- Diluted earnings per share was $0.11 contrast to $0.25 in the same quarter last year.
Progress Software Corporation provides software solutions for various industries worldwide. It offers Progress OpenEdge, a development software, which builds multi-language applications for secure deployment across any platform, mobile device, and cloud; Progress Corticon, a business rules administration system that enables applications with decision automation, decision change process, and decision-related insight capabilities.
Finally, Avnet, Inc. (NYSE:AVT), ended its last trade with 1.09% gain, and closed at $41.63.
Avnet Electronics Marketing, an operating group of Avnet, has designated Stephen Wong, President of Avnet Electronics Marketing Asia and Japan, to lead the Japan Electronics Marketing business in addition to his current responsibilities, effective July 1, 2015. He will continue to report to Gerry Fay, President of Electronics Marketing Global.
“The Avnet Electronics Marketing business in Japan has remained an independent business for Avnet in the past several years. With its growing presence within the region, there is a need to ensure maximum coordination between Japan and Asia in order to enhance our competitiveness and to maximize growth and performance for our business in the region. Combining our resources and strengths will allow us to take advantage of the opportunities offered by the region,” says Gerry Fay. “Stephen’s proven track record in operational improvements and accelerating profitable growth will provide the leadership to continue our exceptional growth in Asia and Japan.”
For nearly three decades, Stephen advanced through a variety of positions in Freescale Semiconductor (formerly Motorola) before taking the helm at Avnet’s Asia region in 2005. Within a span of 10 years, Stephen grew the business by six folds, leading Asia to become one of the largest regions in Avnet globally.
Avnet, Inc., together with its auxiliaries, distributes electronic components, enterprise computer and storage products, IT solutions and services, and embedded subsystems in the Americas, Europe, the Middle East, Africa, and the Asia/Pacific.
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