Alcoa exceeds expectations with Q2 result

Company News

Unofficially kicking off US reporting season Alcoa (ASX:AAI, NYSE:AA) has beaten analyst expectations with its second quarter result. 

The aluminium giant rebounded to a quarterly profit of $US138 million from a loss of $US119 million the year before. 

The result was aided by strength in Alcoa’s engineered products business and a turnaround at its primary metals business. 

Chairman and CEO Klaus Kleinfeld says the results prove Alcoa's transformation is in high gear.

Shares in Alcoa have advanced about 40 per cent in the US this year and about 50 per cent in Australia on the back of stabilising aluminium prices. 

Alcoa reported a net loss of $2.5 billion in the 2013 financial year.