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.