Alcoa posts surprise first-quarter profit

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Associated Press

Posted on April 10, 2012 at 2:01 PM

Updated Tuesday, Apr 10 at 2:02 PM

Alcoa is reporting a surprise profit for the first quarter. The company sold more aluminum as demand improved from automobile manufacturers, aerospace and commercial transportation.

The company's stock price jumped 4.1 percent in after-hours trading Tuesday.

The largest U.S. aluminum maker reported net income of $94 million, or 9 cents a share. Analysts expected a loss of 4 cents per share. Alcoa reported net income of $308 million, or 27 cents a share, in the year-earlier quarter.

Revenue totaled $5.96 billion. Analysts predicted revenue of $5.77 billion.

Alcoa's report kicks off what is expected to be the weakest earnings season in more than two years. Analysts expect earnings for companies in the Standard & Poor's 500 index to decline 0.1 percent compared to a year ago, according to FactSet.

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