Alcoa Inc. (NYSE: AA) on Monday reported that it swung to a first quarter profit of $308 million, or $0.27 per share, from a loss of $201 million, or $0.20 per share, in the year-ago period. Income from continuing operations attributable to Alcoa, as adjusted, for the first quarter was $317 million or $0.28 per share.Revenue rose 20% to $5.96 billion from $4.89 billion. Analysts, on average, expected the company to report earnings of $0.27 per share on revenue of $6.32 billion.
"It was an excellent first quarter as we improved profitability across all business segments, set profit records in our midstream and downstream businesses and grew substantially," said Alcoa Chairman and CEO Klaus Kleinfeld. "This was a total team effort. Our outlook for the rest of 2011 and beyond remains very positive due to the world's growing population, increasing urbanization, and aluminum's advantages as a light, strong and recyclable material."
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