Alcoa quarterly profit up on higher metal prices

Alcoa Inc., the world’s largest aluminum company, said on Tuesday first-quarter profit rose, driven by higher metal prices and sales in the aerospace, building and construction and industrial product markets.

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Net earnings were $662 million, or 75 cents per diluted share, compared with $608 million, or 69 cents per share in the same quarter last year, the Pittsburgh-based company said.

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Income from continuing operations was 77 cents per share, matching analysts’ average estimate, according to Reuters Estimates. Excluding restructuring charges, the company said it earned 79 cents per share.

Revenue for the quarter rose to $7.9 billion from $7.1 billion, Alcoa said.