(Updates with sales in the third paragraph).
April 11 (Bloomberg) - the Alcoa Inc., the largest producer of aluminum U.S., reported profit in first quarter that exceeded Analyst estimates after prices increased for the lightweight metal.Income net of 308 million dollars, or 27 cents a share, compared with a loss of $ 201 million, or 20 cents, a year earlier, based in New York, Alcoa said today in a statement. Earnings excluding restructuring and other one-time items expenses were 28 cents per share, the average estimate of 14 analysts surveyed by Bloomberg lead 27-100. Sales increased 22% to increase billions of dollars.The adjusted profit is the most important given that the company earned 37 cents per share in the third quarter of 2008, when the prices of raw materials fell in the global financial crisis. Aluminum prices advanced year last in London due to improved demand for the metal, which is used in boxes of construction, cars, and beverages. "The price of raw materials has been better I think most assumed," Lloyd O'carroll, an analyst based in Richmond, Virginia to Davenport & Co., said in an interview on the phone before earnings were released. "On the LME Aluminum an average of $2,531 a metric ton in the first quarter, 15 p. 100 more than a year earlier and the more since the third period of 2008.Alcoa, traditionally the first company in the Dow Jones Industrial Average make report quarterly earningsoriginally posted in the first quarter 4,89 billion dollars a year earlier.-Editors: Steven Frank, Simon Casey.
To contact the reporter on this story: Colin McClelland in Toronto at the cmcclelland1@bloomberg.net.
To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net.
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