Alcoa share price up on better than expected results kicking of earnings season

 
Lynsey Barber
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Alcoa beats expectations (Source: Alcoa)

Alcoa has beaten expectations with its second quarter results.

Profits at the aluminium producer hit $0.18 per share on $5.8bn sales, before restructuring and other items, ahead of the $0.12 per share on $5.6bn of sales widely expected.

The performance compares to profits of $0.07 per share in the same period last year and $0.09 on the previous quarter.

Shares rallied 3 per cent in after hours trading as a result, kicking off the unofficial start to earnings season.

The US company’s shares have gained almost 40 per cent this year.

Projections across the majority of the business remain on track with revisions of 10 to 14 per cent in the North America commercial transportation market up from 5 to 9 per cent in the previous quarter due to rising truck orders and backlogs.

Alcoa plans to diversify the business were felt in the UK when it acquired Sheffield based aerospace firm Firth Rixson for $2.85bn at the end of last month.

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