Thursday, October 09, 2014

Alcoa: Profit rises 520% in the third quarter and $ 149 million

The aluminum manufacturer Alcoa ended the third quarter with a profit of $ 149 million (or $ 0.12 per share), equivalent to more than six times the $ 24 million recorded a year earlier. Revenue Advanced 8% over the same period, to $ 6.2 billion.
Excluding extraordinary expenses with closing of less productive units and restructuring of operations, earnings were $ 370 million (or $ 0.31 per share), which compare to adjusted profit of $ 120 million from the same period in 2013.
The result came in well above the expected by the market. The average of 11 analysts ears by FactSet consulting pointed to earnings per share of $ .22 per share in the period, already considering the numbers adjusted for non-recurring expenses.
Although the company did not compose the Dow Jones index, the results of the aluminum manufacturer are considered by the market as the unofficial debut season of swings in the United States.
In the report that accompanies the balance sheet, the direction of the company pointed out that the most favourable prices of aluminum and the increase of energy sale boosted revenues and contributed to the result. In addition, there were advances in the process of productivity gains. According to the company, the process of restructuring the business secured a savings of $ 306 million between July and September.
In Wednesday trading in New York, shares of Alcoa closed at an all-time high of 0.75%, to $ 16,07.
Around 06:04 pm (Eastern), in transactions of the after-hours of the American market, the company's shares climbed 1.93%, driven by better than expected balance.
Valor Economico News Item translated automatically
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