Alcoa Corp. AA, -1.71% said late Thursday it reached record earnings and per-share profit in the second quarter as its aluminum prices rose more than 60% year-on-year. The aluminum and alumina producer said it earned $309 million, or $1.63 a share, in the quarter, versus a loss of $197 million, or $1.06 a share, in the year-ago quarter. Adjusted for one-time items, Alcoa earned $1.49 a share. Sales rose to $2.83 billion, from $2.15 billion a year ago. Analysts polled by FactSet had expected the company to earn an adjusted $1.29 a share on sales of $2.65 billion. The company said it continues to expect “a strong 2021 based on the continued economic recovery and increased demand for aluminum in all end markets.” For the third quarter, it said it anticipates a “strong quarter based on continuing forecasts for economic recovery and solid global demand across key end-use sectors” as well as “continuing inflationary pressure on raw materials and energy.” Shares of Alcoa rose 0.6% in the extended session after ending the regular session down 1.7%.
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