Alcoa Inc. turns 1Q profit on stronger sales

AP News
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Posted: Apr 11, 2011 4:35 PM
Alcoa Inc. turns 1Q profit on stronger sales

Alcoa Inc. kicks off the earnings season by posting a first-quarter profit on higher aluminum prices and improved sales, partially offset by a weaker dollar and higher energy and raw materials costs.

The Pittsburgh aluminum manufacturer said Monday it earned $308 million, or 27 cents a share, in the January through March period. That compared with a loss of $201 million, or 20 cents per share a year ago.

Sales rose 22 percent to $5.96 billion from $4.89 billion a year ago. Alcoa's biggest sales improvements came in the aerospace, transportation and packaging industries.

The total fell short of analysts' expectations for sales of $6.16 billion, according to FactSet .

Alcoa released earnings after the market closed. Shares fell 18 cents to close at $17.74.