NEW YORK CITY (dpa-AFX) - Alcoa Corp. (AA), the largest producer of aluminum in the US, Thursday reported a second-quarter profit that trumped Wall Street analysts' estimates, driven by revenue growth as aluminum prices surged.
Pittsburgh-based Alcoa reported second-quarter profit of $309 million or $1.63 per share, compared to last year's loss of $197 million or $1.06 per share last year.
Excluding one-time items, earnings for the quarter were $281 million or $1.49 per share, compared to last year's loss of $4 million or $0.02 per share. On average, 9 analysts polled by Thomson Reuters expected earnings of $1.34 per share.
Revenues for the quarter rose to $2.83 billion from $2.15 billion a year ago. Analysts had a consensus revenue estimate of $2.64 billion. Revenue growth were driven by higher aluminum and improvements in value-added product sales.
'Alcoa had an excellent second quarter and first half of the year, the strongest since our launch as an independent company in 2016,' said Alcoa President and Chief Executive Officer Roy Harvey. 'This record-setting performance reflects how our strategies are working to deliver results.
Alumina shipments rose to 2.44 million metric tons from 2.42 million metric tons last year. Aluminum shipments rose to 767 thousand metric tons from 789 thousand metric tons last year. Bauxite shipments increased to 1.1 million dry metric tons from 1.6 million last year.
Average price per metric ton of alumina increased to $282 from $250 last year, while aluminum's average price rose to $2,753 per metric ton from $1,694 per metric ton last year.
Looking forward to 2021, the company has raised its outlook. Alcoa now expects total alumina shipments to between 14.1 and 14.2 million metric tons. Previously, the company expected alumina shipments to between 14.0 and 14.1 million metric tons.
Alcoa said it continues to expect a strong 2021 based on the continued economic recovery and increased demand for aluminum in all end markets.
AA closed Thursday's trading at $34.54, down $0.60 or 1.71%, on the NYSE. The stock, however, gained $0.26 or 0.75%, in the after-hours trade.
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