Alcoa Profit Jumps as Prices, Demand Rise

Alcoa Inc. said second-quarter profit almost doubled as prices surged and sales to airplane and automobile makers grew.

Net income rose to $404 million, or 46 cents a share, from $216 million, or 26 cents, a year earlier, Pittsburgh-based Alcoa said. Sales rose 11% to $6.1 billion.

Alcoa benefited from a 25% rise in the average price of aluminum in the quarter, spurred by demand from China and an improving U.S. economy.

Shares of Alcoa rose 79 cents to $32.77 on the New York Stock Exchange before the announcement.