Alcoa's first quarter 2011 net profit swells to $308 million
12 Apr 2011
US aluminium producer Alcoa Inc reported a first-quarter net profit of $308 million, or $0.27 per share, up 20 per cent from the fourth quarter of 2010.
Net income for first quarter 2011 was $308 million, or $0.27 per share, compared to net income in fourth quarter 2010 of $258 million, or $0.24 per share, and a net loss in first quarter 2010 of $201 million, or $0.20 per share.
The first quarter income from operations of $309 million is a $503 million turnaround compared to the first quarter of 2010. It is also the highest profit from ongoing operations for Alcoa since the second quarter of 2008.
Revenue in the quarter rose 22 per cent to $5.96 billion, helped by rising prices for aluminum and alumina lower than the market forecast of $6.08 billion.
The growth in revenue and income was led by improved pricing and growing demand for aluminum in major end markets, the company said in its release. Income from continuing operations, excluding a negative impact for special items of $8 million, or $0.01 per share, was $0.28 per share.
First quarter 2011 income from continuing operations was the highest since second quarter 2008, and compares to fourth quarter 2010 income from continuing operations of $258 million, or $0.24 per share, and a first quarter 2010 loss from continuing operations of $194 million, or $0.19 per share.