Alcoa last night reported stronger first-quarter earnings on growing demand from its aerospace and automotive operations, even as restructuring costs again weighed on results.
The metals giant is the first large US industrial company to report quarterly results.
It reported net income of $195m for the quarter to the end of March, compared with a loss of $178m the same time a year ago.
Quarterly revenues rose 6.7% to $5.82 billion, below the $5.94 billion projected by Wall Street analysts.
Alcoa's results continued to be saddled by restructuring charges, which shaved $168m from the latest three month period.
Restructuring cost the company $278m in the first quarter last year.
The company said that more low-performing properties could be closed in the quarters ahead. It launched a strategic review of 500,000 metric tons of smelting capacity and 2.8 million metric tons of refining capacity.
Alcoa said earnings were boosted by strong demand in its aerospace and automotive businesses, which generate higher profit margins than packaging and other products.
Results were also lifted by a 10% rise in aluminium prices compared with last year. Excluding charges, Alcoa's earnings translated into 28 cents per share, two cents above estimates.
