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 PITTSBURGH (AP) - Higher metal prices and robust demand boosted Alcoa Inc.'s fourth-quarter profit nearly 60 percent as the world's largest aluminum maker kicked off the earnings season as the first member of the Dow Jones Industrials to report results.
The Pittsburgh-based company said Tuesday that net income increased to $359 million, or 41 cents per share, in the October-December period, from $224 million, or 26 cents per share, a year earlier.
The results include after-tax charges of $386 million, or 44 cents per share, linked to restructuring efforts, the formation of a joint venture and cutbacks including the elimination of 6,700 jobs.
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