Alcoa surprises Wall Street with first-quarter profit
NEW YORK (Reuters) – Aluminum producer Alcoa Inc on Tuesday surprised Wall Street with a first-quarter profit after a loss in the fourth quarter of 2011 as a result of improved market conditions. The results, which beat analysts’ forecast for a loss, sent the company’s stock up 6 percent to $9. 80 in after-hours trading on the New York Stock Exchange. Alcoa said income from continuing operations in the first quarter was $94 million, or 9 cents per share, compared with a profit of $309 million, or 27 cents per share in the same quarter last year. . . .
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