Alcoa posts 3Q profit, results top Wall Street estimates

MarketsAssociated Press

Alcoa Inc. (AA) on Wednesday reported third-quarter net income of $149 million.

The New York-based company said it had profit of 12 cents per share. Earnings, adjusted for restructuring costs and pretax expenses, came to 31 cents per share.

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The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.

The refiner and producer of aluminum posted revenue of $6.24 billion in the period, which also topped Street forecasts. Analysts expected $5.78 billion, according to Zacks.

Alcoa shares added 28 cents, or 1.7 percent, to $16.35 in extended trading Wednesday. The stock closed up 12 cents at $16.07 on Wednesday, more than doubling in the last 12 months.