Despite lower aluminum prices, Alcoa posts $24 million profit in 3Q, beats expectations

Alcoa says it swung to a profit in the third quarter despite lower aluminum prices, as it was helped by demand from auto makers and by cost-cutting moves.

Alcoa Inc. said Tuesday that it earned $24 million, or 2 cents per share, compared with a year-ago loss of $143 million, or 13 cents per share.

The company says that excluding restructuring costs, it would’ve earned 11 cents per share.

Analysts were forecasting a profit of 5 cents per share after special items.

Revenue is down 1 per cent to $5.77 billion, but that is better than the $5.64 billion analysts were forecasting.

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