the best of a bad situation. And after the company reported better-than-expected second-quarter results Monday, there are plenty of signs that the worst is over. after-tax operating income (ATOI) performance. I argued that even though aluminum demand and prices were declining, management was still outperforming the industry on the basis of the company's ATOI performance within each business segment. That proved to be true in the company's Engineering Products and Solutions business, which posted ATOI of $193 million, up 23% year over year and 12% from the first quarter.
I place considerable value on EBITDA since it eliminates the effects of financing and accounting decisions. For Alcoa, which is battling a tough aluminum industry, increasing EBITDA is impressive, considering the health of China and other emerging economies upon which Alcoa heavily relies. Management did reaffirm its estimate of 7% growth in demand for aluminum globally in 2013 while projecting 9% to 10% jump in aerospace demand. Follow @saintssense This article was written by an independent contributor, separate from TheStreet's regular news coverage.