Aluminum maker Alcoa posts $138 million profit in 2Q on strong products business
Alcoa Inc. (AA) on Tuesday reported a second-quarter profit of $138 million, reversing a year-ago loss, and the results beat analysts' expectations.
The company reported strong results in its engineered-products business, which makes parts for industrial customers, while looking to cut costs in its aluminum-smelting segment.
Alcoa said net income was 12 cents per share. In the year-ago quarter it lost $119 million, or 11 cents per share.
Excluding costs for closing a smelter and mills and other special items, the company earned 18 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was 13 cents per share.
The refiner and producer of aluminum and aluminum products reported revenue of $5.84 billion compared with $5.85 billion in the same quarter a year ago. That beat Wall Street forecasts of $5.63 billion, according to Zacks.
Before the report, Alcoa shares rose 11 cents to close at $14.85. They were up another 18 cents, to $15.03, during after-hours trading.
The shares have risen 40 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6.2 percent. The shares have climbed $7.04, or 90 percent, in the last 12 months.
This story was generated automatically by Automated Insights using data from Zacks Investment Research. Full Zacks research report: AA
Keywords: Alcoa, Earnings Report