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.
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