By Kimberly Chin
Alcoa Corp. reported stronger sales for the third quarter, driven by a rise in aluminum and alumina prices as well as higher premiums for value-add products.
The aluminum maker said net income attributable to the company was $337 million, compared with a loss of $49 million from the year-earlier period. Per-share earnings amounted to $1.76, swinging from a per-share loss of 26 cents.
Alcoa's adjusted profit was $2.05 a share, pulling ahead of analysts' expectations of $1.76 a share for that metric.
Alcoa said sales increased to $3.11 billion from $2.37 billion over last year, topping analysts' consensus estimate of $2.93 billion.
Write to Kimberly Chin at [email protected]