Alcoa Corp. said Wednesday its profit jumped in the second quarter after sales rose more than costs and expenses.
The Pittsburgh-based aluminum producer posted net income of $549 million, compared with net income of $309 million in the same period a year earlier. Earnings per share reached $2.95, from $1.63 in the year-earlier period, and adjusted earnings per share rose to $2.67 from $1.49.
reported revenue of $3.64 billion, from $2.83 billion a year earlier, while the company’s total costs and expenses increased to $2.74 billion from $2.37 billion.
The figures for revenue and profit beat market expectations. The median forecast of analysts surveyed by FactSet was for sales of $3.45 billion and net income of $465 million.
The company reduced its projection for annual bauxite shipments to a range from 44 million dry metric tons to 45 million tons, a decline of 2 million tons from the previous projection, because of ongoing disruptions in the Atlantic bauxite market and lower demand from refineries in the first half of this year.
Alcoa shares rose more than 5% in after-hours trading following the release of the results.
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