Aluminium prices rise and Alcoa turns losses into profit in the first quarter

According to the report of the Wall Street Journal of the United States on April 12, Alcoa Inc. turned losses into profit in the first quarter due to rising aluminum prices and higher output, which helped profit from continuing operations in the quarter to its highest level since the second quarter of 2008.

According to reports, first-quarter profits exceeded analysts' expectations, but sales growth was less than Wall Street's expectations. The company achieved a profit of 308 million U.S. dollars, or 27 cents per share, in the first quarter; a loss of 201 million U.S. dollars in the same period of last year and a loss of 20 cents per share. Seasonal results included 1 cent per share related to restructuring and acquisition costs, while restructuring and other expenses for the same period last year were 29 cents per share.

According to reports, Alcoa’s revenue in the first quarter soared 22% to 5.96 billion U.S. dollars. Analysts had expected that the company’s quarterly earnings per share were 27 cents and revenue was US$6.07 billion.