Alcoa swings to profit

Company News

Alcoa Inc (ASX:AAI) has swung to a third-quarter profit as the aluminium maker reported lower costs.
 
The company reported a profit of $24 million compared with the prior-year loss of $143 million.
 
The results are the first since Alcoa was dropped from the Dow Jones due to the company's falling stock price as well as its dwindling influence.
 
Alcoa had been a Dow Jones Industrial Average component for 54 years.
 
Alcoa's quarterly results have been closely watched, as the company is among the first major US firms to report earnings for the new season. 
 
Alcoa is also considered a bellwether because it serves a broad range of industries.