Alcoa, Inc. (NYSE:AA) reported that its quarterly profit fell 4 percent although its sales increased on higher volume and aluminum prices.
The New York-based aluminum producer said net income in its second quarter fell to $715 million, or 81 cents a share, from $744 million, or 85 cents, in the year-ago quarter.
Revenue rose to $8.1 billion, gaining 3.5 percent. The growth was fueled by higher volumes and improved product mix, according to the Pittsburgh-based company.
Analysts polled by Thomson Financial had forecast profit of 81 cents a share on revenue of $8.34 billion.