NEW YORK - Alcoa Inc.’s second-quarter earnings more than doubled as improving sales and prices offset higher raw material costs.
Alcoa said yesterday its net income totaled $322 million, or 28 cents a share, in the April-June quarter. That compared with net income of $136 million, or 13 cents share, a year ago. Revenue totaled $6.59 billion compared with $5.19 billion a year ago.
Analysts expected earnings of 33 cents per share on revenue of $6.3 billion.
Alcoa says it saw double-digit growth in sales to the packaging, building, and construction and commercial transportation industries. Improved sales were offset by higher costs for raw materials and a weak dollar.
Alcoa’s performance can reflect economic trends because its products reach across a broad range of businesses.