Alcoa Inc, often viewed as a bellwether of the U.S. economy, posted a big jump in second-quarter profit on Monday partly due to soaring prices for aluminum and its raw material alumina.
Net earnings were $322 million, or 28 cents per share, compared with $136 million, or 13 cents per share in the same quarter of 2010, the Pittsburgh-based company said. Income from continuing operations, excluding one-time items, was 32 cents a share.
Revenue rose 27 percent to $6.6 billion, helped by rising prices for aluminum.
Aluminum sold in a range of $2,500 to $2,600 a tonne on the London Metal Exchange during the second quarter, up from $1.977 in the same quarter a year earlier.
(Reporting by Steve James, editing by Bernard Orr)
(This story is corrected in paragraph three to show revenue is $6.6 billion, not $6.66 billion)