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Monday, January 12, 2015

Alcoa swings to profit, sees strong demand for aerospace, (NYSE: AA)

Metals company Alcoa Inc on Monday reported higher-than-expected quarterly profit, swinging from a year-earlier loss due to a boost from automotive demand, higher aluminum prices and lower energy costs.Alcoa also forecast solid demand this year for its aerospace and automotive products.The New York-based company has been investing in more advanced aerospace and automotive products, while selling off some of its more traditional yet costly smelting facilities."Our strong fourth quarter capped a pivotal year as we significantly accelerated Alcoa's transformation," Chief Executive Officer Klaus Kleinfeld said in a statement.

Alcoa Inc. (Alcoa) is engaged in lightweight metals, products and solutions. Shares of AA traded higher by 0.37% or $0.06/share to $16.17. In the past year, the shares have traded as low as $10.05 and as high as $17.75. On average, 17678900 shares of AA exchange hands on a given day and today's volume is recorded at 30196288.