Alcoa Beats Estimates as Carmakers Buy More Aluminum
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Alcoa Inc., the largest U.S. aluminum producer, reported second-quarter earnings and revenue that beat analysts’ estimates after an increase in orders from the auto and aerospace industries.
Profit was 6 cents a share, exceeding the 5-cent average of 19 estimates compiled by Bloomberg, Alcoa said yesterday in a statement. That excludes charges related to a proposed settlement of a lawsuit brought by Aluminium Bahrain BSC and other items. Sales fell 9.4 percent to $5.96 billion, beating the $5.81 billion average of 11 estimates.