Alcoa posts profit as sales rise 18 percent

Alcoa Inc., the largest U.S. aluminum producer, posted a second-quarter profit on Monday, as sales rose 18 percent despite a recent drop in aluminum prices.

Net earnings were $136 million, or 13 cents per share, compared with a loss of $454 million, or 47 cents per share in the same quarter last year, the Pittsburgh-based company said. Earnings from continuing operations were $137 million, or 13 cents per share.

Revenue rose to $5.187 billion from $4.244 billion.

In the past three months, the price of aluminum has dropped sharply, from over $2,400 per ton in April to around $2,000 as weak demand for cars, planes and construction and uncertainty over the strength of the global recovery have weighed on the metal.