Alcoa reports sharp rise in profits on 8% sales increase

Aluminum producer Alcoa kicked off the third quarter US corporate earnings season overnight, reporting a rise in operating earnings to $245m for the latest three months, versus $8m a year ago.

In adjusted terms the company’s earnings per share (EPS) reached 31 cents, in comparison to 11 cents a year earlier, as sales grew 8.2% to $6.24bn.

Analysts had forecast EPS of 23 cents, on revenues of $5.85bn.

The stock closed with gains of 2.43% to $16.46 in after-hours trading.