Shares of Alcoa jumped 6 percent to set a 52-week intra-day high of $15.76. The refiner and producer of aluminum reported quarterly results that beat analysts’ expectations late Tuesday.
The company reported a second-quarter profit of $138 million, reversing a year-ago loss. Alcoa posted revenue of $5.84 billion compared with $5.85 billion in the same quarter a year ago. That beat Wall Street forecasts of $5.63 billion, according to Zacks.
Alcoa has struggled in recent years with low aluminum prices and has increased its focus on making sheets and other products for manufacturers of airplanes and autos, that value aluminum for its light weight. CEO Klaus Kleinfeld, on a conference call with analysts, said the results show that the strategy is working.
The company left unchanged its forecast of a 7 percent increase in aluminum demand this year. Associated Press
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