Aluminium and metal producer Alcoa last night reported a jump in fourth-quarter earnings on the back of higher commodity prices as it forecast solid growth in some industrial segments.
Earnings for the quarter ending December 31 came in at $159m, compared with a loss of $2.34 billion the previous year.
The results in 2013 were marred by a $1.7 billion write-down tied to smelting acquisitions.
Quarterly revenues were $6.38 billion, up from $5.59 billion. The results were boosted by quarterly aluminium prices that averaged $2,578 per metric ton, up nearly 20% from a year ago.
Alcoa said the results were also propelled by a reduction of production of low-return metals following the closure of some high-cost smelters.
The company has been working to boost its exposure to the hot aerospace market and to the growing demand for aluminium in cars.
"Our strong fourth quarter capped a pivotal year as we significantly accelerated Alcoa's transformation," chief executive Klaus Kleinfeld said.
Alcoa projected 2015 global aerospace sales to increase 9-10% and global automotive production to rise 2-4% this year.
Overall aluminium demand is seen growing 7% after a 7% jump in 2014.
The results translated into earnings per share of 33 cents, excluding restructuring costs and other special items. Analysts had projected earnings of 25 cents per share.
Revenues of $6.38 billion topped the analyst forecast for $5.99 billion.
