PITTSBURGH – Aluminum producer Alcoa Inc. (AA) on Tuesday said fourth-quarter profit jumped 60 percent, driven by higher metal prices and strong market demand. But the results fell short of some analysts' expectations.
Net income increased to $359 million, or 41 cents per share, from $224 million, or 26 cents per share, during the same period a year earlier. The results include after-tax charges of $386 million, or 44 cents per share, for costs related to a restructuring program that includes the elimination of 6,700 jobs.
Income from continuing operations were $258 million, or 29 cents per share.
Revenue grew 20 percent to $7.84 billion from $6.54 billion a year ago.
The earnings results fell short of Wall Street expectations, but revenue exceeded analysts' estimates. On average, analysts surveyed by Thomson Financial forecast earnings of 65 cents per share on sales of $7.63 billion.