Alcoa reports record profit in Q2 as aluminum prices soar

Alcoa Corp. AA, -1.71% said precocious Thursday it reached grounds net and per-share nett successful the 2nd 4th arsenic its aluminum prices roseate much than 60% year-on-year. The aluminum and alumina shaper said it earned $309 million, oregon $1.63 a share, successful the quarter, versus a nonaccomplishment of $197 million, oregon $1.06 a share, successful the year-ago quarter. Adjusted for one-time items, Alcoa earned $1.49 a share. Sales roseate to $2.83 billion, from $2.15 cardinal a twelvemonth ago. Analysts polled by FactSet had expected the institution to gain an adjusted $1.29 a stock connected income of $2.65 billion. The institution said it continues to expect "a beardown 2021 based connected the continued economical betterment and accrued request for aluminum successful each extremity markets." For the 3rd quarter, it said it anticipates a "strong 4th based connected continuing forecasts for economical betterment and coagulated planetary request crossed cardinal end-use sectors" arsenic good arsenic "continuing inflationary unit connected earthy materials and energy." Shares of Alcoa roseate 0.6% successful the extended league aft ending the regular league down 1.7%.