Alcoa Profit Climbs 45% on Aluminum Price Rise

Alcoa Inc., the world’s biggest aluminum producer, said its quarterly earnings rose 45% on higher aluminum prices and cost cutting.

Alcoa, based in Pittsburgh, posted third-quarter net income of $280 million, or 33 cents a share, compared with $193 million, or 23 cents, a year earlier. Third-quarter sales rose 3% to $5.3 billion.

After Alcoa reported results, its shares rose to $28.89 in after-hours trading.. The stock had closed at $28.19 on the New York Stock Exchange, down 8 cents or 0.3%.

From Reuters