Alcoa Profit Exceeds Estimates After Aerospace Segment Gains
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Alcoa Inc., the largest U.S. aluminum producer, reported better-than-forecast quarterly earnings after its smelting business returned to profitability and results improved at a unit that makes auto and aerospace parts.
Third-quarter net income excluding plant-closing costs and other one-time items was 11 cents a share, New York-based Alcoa said in a statement yesterday. The engineered products division, a supplier of aerospace companies such as Boeing Co. and Airbus SAS, saw after-tax operating income rise 22 percent to $192 million, while the primary metals business earned $8 million.