Alcoa reports increased third-quarter profit and revenue

Alcoa reported increased profits and revenue for the third quarter. The American aluminum producer saw its profit double year-on-year, rising from $232 million to $483 million, with earnings per share reaching $1.81, surpassing the FactSet consensus of $1.51.

Revenue grew by 24 percent year-on-year to $3.7 billion. While aluminum deliveries decreased by 5 percent compared to the previous quarter, alumina deliveries rose by 2 percent due to higher production.

The company has maintained its full-year outlook, expecting aluminum production to be between 2.4 and 2.6 million metric tons and aluminum deliveries to reach between 2.6 and 2.8 million metric tons. Alcoa expects to maintain its strong operational performance into the fourth quarter.