Alcoa Posts Highest Profit in 2 Years on Aluminum
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Alcoa Inc., the largest U.S. aluminum producer, reported its highest profit in nine quarters after the price of the metal approached pre-recession levels. The shares fell after sales missed analysts’ estimates.
Net income of $258 million, or 24 cents a share, compared with a net loss of $277 million, or 28 cents, a year earlier, Alcoa said today in a statement. Sales gained 4 percent to $5.65 billion from $5.43 billion, missing the $5.75 billion average estimate of seven analysts in a Bloomberg survey. Alcoa, which advanced 27 percent in the quarter, fell 1.6 percent after the close of regular trading on the New York Stock Exchange.