Higher Prices Boost Alcoa’s Earnings
Aluminum Co. of America said Friday its profits more than tripled in the third quarter, mostly due to higher prices.
Alcoa said profits totaled $226.4 million, or $1.27 a share, compared to $70.1 million, or 39 cents a share, in the same period of 1994.
The latest period included a $16.9 million after-tax charge related to an undisclosed number of layoffs, and a credit of $11.5 million for insurance settlements on environmental claims.