Aluminum giant Alcoa (AA) reported better-than-expected fourth-quarter earnings after today's closing bell.
The company reported net income of $258 million, or 24 cents a share, a turnaround from the loss of $277 million, or 28 cents per share, in the same quarter a year earlier. Excluding items, earnings were 21 cents per share, 2 cents ahead of expectations.
Sales rose 4% to $5.7 billion from the same period a year earlier, essentially in line with analysts' estimates.
Alcoa benefited from higher aluminum prices, which rose 11% in 2010 and 5% in the fourth quarter. The company expects prices to continue to rise.
"In 2011, we see aluminum growing another 12% on top of last year's 13% improvement. We are well positioned to outpace the recovery in the markets we serve and grow shareholder value," CEO Klaus Kleinfeld said in a statement.
Shares of Alcoa were down 28 cents, or 1.7%, to $16.21 in after-hours trading.
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