Alcoa Swings To Profit, Tops Estimates - Quick Facts

(RTTNews) - Alcoa Inc. (AA) Tuesday reported a higher third-quarter profit, led by strong operating performance and productivity gains, in spite of lower metal prices that impacted revenue. Both earnings and revenue topped Wall Street estimates.

The New York-based company posted quarterly net income of $24 million or $0.02 per share, compared with a net loss of $143 million or $0.13 per share last year.

Results for the recent quarter included $108 million of restructuring charges, while the prior-year quarter had special items of $147 million.

Excluding items, adjusted earnings for the quarter were $120 million or $0.11 per share, compared with $32 million or $0.03 per share a year ago.

On average, 17 analysts polled by Thomson Reuters estimated earnings of $0.06 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter were lower at $5.77 billion, compared with $5.83 billion in the prior year. Ten analysts had a consensus revenue estimate of $5.63 billion.

Looking ahead to the full year 2013, the company continues to expect global aluminum demand growth of 7 percent.