Alcoa Posts Surprise Profit After Aluminum Orders Climb
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Alcoa Inc., the largest U.S. aluminum producer, reported an unexpected first-quarter profit after orders rose and it closed higher-cost smelting capacity. The shares advanced in German trading.
Net income fell to $94 million, or 9 cents a share, from $308 million, or 27 cents, a year earlier, New York-based Alcoa said yesterday in a statement. Profit excluding restructuring costs and other items was 10 cents a share, compared with the average estimate for a 4-cent loss from 19 analysts surveyed by Bloomberg. Sales rose 0.8 percent to $6.01 billion, beating the $5.77 billion average of 12 estimates. The shares rose the most in three months in New York.