Alcan 1Q Net Up 30% On 16% Sales Increase

Alcan said that its first-quarter profit grew 30%, helped by a 16% rise in sales and higher aluminum prices.

The Montreal company, which is the world’s second-largest maker of primary aluminum after Alcoa, reported net income of $591 million, or $1.59 a share, up from $453 million, or $1.20 a share, a year earlier.

Income from continuing operations rose to $590 million, or $1.60 a share, from $545 million,
or $1.21 a share, a year ago.

Alcan said first-quarter sales and operating revenue increased to $6.42 billion from $5.55
billion a year ago due to higher aluminum prices and favorable pricing, product mix and
volumes in downstream business.

Analysts had forecast earnings of $1.47 a share on revenue of $6.12 billion.

Total aluminum volume remained even year over year, at 1.09 kilotonnes.

Alcan expects a positive second quarter based on the current strength in the primary metal market.