Aluminum producer Alcoa Inc said on Wednesday that fourth-quarter net profit rose on favorable restructuring and tax benefit, which more than offset lower aluminum prices.
Net income was $632 million, or 75 cents per share, compared with $359 million, or 41 cents per share, in the year-ago period. The company recorded a 38-cent per-share benefit in the most recent quarter related to its agreement to sell its packaging and consumer business.
Revenue dropped to $7.39 billion from $7.84 billion due to lower metal prices, the company said.
On Monday, Credit Suisse lowered its profit outlook for the company, citing lower aluminum prices, adverse currency and energy price changes, and more pronounced weakness in certain downstream markets.
Since trading at $2,659 per tonne on the London Metal Exchange last Nov. 7, the price of aluminum has slipped and is currently selling for around $2,500 per tonne.