Aluminum producer Alcoa Inc reported better than expected earnings on Tuesday, even as realized prices fell, helped in part by its value-added business and by productivity gains.
Results were boosted by the engineered products segment, which sells cast metal items such as wheels and aircraft parts.
But operating results also improved in the hard-hit primary metals business, thanks to productivity gains. After-tax operating income was $8-million (U.S.) in that segment, compared with a loss of $14-million a year earlier.
Net income attributable to Alcoa was $24-million, or 2 cents a share, compared with a loss of $143-million, or 13 cents, a year earlier. Sales slipped to $5.77-billion from $5.83-billion.
Excluding restructuring charges and other special items, earnings rose to $120-million, or 11 cents a share, from $32-million, or 3 cents.
Analysts, on average, had been expecting earnings of 5 cents a share, according to Thomson Reuters I/B/E/S.