Alcoa reported better-than-expected second-quarter earnings today, unofficially kicking off earnings season with gusto.
The company reported an adjusted quarterly profit of 18 cents a share, which tops earnings expectations by 50%. Shares of the aluminum company rose more than 2% in afterhours trading on the news.
Including all charges, the company earned $138 million or 12 cents a share during the quarter. That reverses the company’s $148 million loss in the same period a year ago.
Revenue also came in ahead of expected. Alcoa reported revenue of $5.8 billion, which is 2.6% higher than expected. Revenue is flat from the year-ago period.
The cash price of primary Chinese aluminum fell 0.4 percent on Monday, July 7 to CNY 13,400 ($2,159) per metric ton, making it the day’s biggest mover. For the fifth day in a row, the price of Chinese aluminum bar remained essentially flat at CNY 14,200 ($2,287) per metric ton. The price of Chinese aluminum billet was unchanged at CNY 13,590 ($2,189) per metric ton. The price of Chinese aluminum scrap saw essentially no change for the fifth day in a row, remaining around CNY 12,250 ($1,973) per metric ton.
On the LME, the 3-month price of aluminum rose 0.4 percent to $1,925 per metric ton. On the LME, the primary aluminum cash price increased 0.2 percent to $1,893 per metric ton. The cash price of primary Indian aluminum declined 0.1 percent to INR 115.20 ($1.93) per kilogram, after two days of improvement.