Alcoa
Stronger sales at higher prices offset by a weaker dollar and higher costs for energy and raw materials led to a first-quarter profit.
Alcoa said business improved from a range of customers, including aerospace, automotive, commercial transportation and packaging industries. It marked the fourth consecutive quarterly profit for Alcoa as it pulled out of two difficult years hit by the recession. The Pittsburgh aluminum manufacturer also expects business to continue to improve, reaffirming its forecast of a 12 percent increase in global aluminum demand this year.
First-quarter net income was $308 million, 27 cents a share, compared with a net loss of $201 million, 20 cents a share, in the year-ago quarter. Sales increased to $5.96 billion from $4.9 billion a year ago.
That fell short of expectations from analysts, who expected sales of $6.16 billion, according to FactSet.
Excluding special items, Alcoa earned 28 cents per share. That beat analysts’ forecasts by a penny. The Associated Press
