NEW YORK // Alcoa, the largest aluminium producer in the US, posted a stronger second-quarter profit than expected on Monday and raised its estimate for global aluminium consumption, sending its shares up 3 per cent.
The company's results are often viewed as a bellwether of the US economy as it kicks off the earnings season. It cited strength in several industrial sectors and raised its estimate even through metal prices have been falling recently.
Alcoa shares rose to US$11.24 in extended trade after closing at $10.87 in the regular session on the New York Stock Exchange.
"It's constructive and it helps start the earnings season off on a positive note," said Brian Hicks, the portfolio manager of US Global Investors.
"From the standpoint of Alcoa, they see the economy continuing to expand. It's robust enough that they have to increase their forecast for global aluminium production."
Net earnings were $136 million (Dh499.5m), or 13 cents a share, compared with a loss of $454m, or 47 cents a share in the same quarter last year. Earnings from continuing operations were $137m, or 13 cents a share, and revenue rose 22 per cent to $5.2 billion.
Analysts on average were expecting earnings of 11 cents a share and revenue of $5.04 billion, according to Thomson Reuters.
Alcoa said there was strong revenue growth over the first quarter in several markets, in particular packaging, commercial transport and building and construction.
* Reuters
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COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Thank You for Banking with Us
Director: Laila Abbas
Starring: Yasmine Al Massri, Clara Khoury, Kamel El Basha, Ashraf Barhoum
Rating: 4/5
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Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Du Plessis plans his retirement
South Africa captain Faf du Plessis said on Friday the Twenty20 World Cup in Australia in two years' time will be his last.
Du Plessis, 34, who has led his country in two World T20 campaigns, in 2014 and 2016, is keen to play a third but will then step aside.
"The T20 World Cup in 2020 is something I'm really looking forward to. I think right now that will probably be the last tournament for me," he said in Brisbane ahead of a one-off T20 against Australia on Saturday.
Last five meetings
2013: South Korea 0-2 Brazil
2002: South Korea 2-3 Brazil
1999: South Korea 1-0 Brazil
1997: South Korea 1-2 Brazil
1995: South Korea 0-1 Brazil
Note: All friendlies
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
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The biog
Name: Timothy Husband
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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Sholto Byrnes on Myanmar politics
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Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5