Net profit for the three months to the end of June came in at $326M, compared with $136M in the same period last year – a rise of 138%.
Sales rose 27% to $6.6bn.
Aluminium sold in a range of $2500 to $2600/t on the London Metal Exchange during the second quarter. In the same quarter a year earlier it had sold for just under $2000.
However, the price is still well below its record high of $3380/t, reached in July 2008.
Alcoa, which the markets watch closely for a signal about the earnings period to come, said although the economic recovery is uneven, its outlook remains positive.
It reiterated its forecast that global demand for aluminium will grow by 12% this year and double by 2020.
Compared to Q1 2011, end market revenue increased in packaging (13%), aerospace (6%), building and construction (12%), commercial transportation (16%), industrial products (9%), industrial gas turbines (8%) and automotive (5%).
Both Flat-Rolled Products and Engineered Products and Solutions segments turned in a record quarterly performance. Flat-Rolled Products set a record for adjusted EBITDA at $193M, while Engineered Products and Solutions’ 19% adjusted EBITDA margin was an all-time quarterly best.
Looking ahead, Alcoa projects continued growth in all major end markets on a global basis, including aerospace (7%), automotive (4-8%), commercial transportation (7-12%), packaging (2-3%), building and construction (1-3%), and industrial gas turbines (5-10%).
For the year, Alcoa projects aluminum demand to grow 12% on top of the 13% growth seen in 2010. Alcoa projects that, from a 2010 baseline, aluminum demand will double by 2020 on 6.5% annual growth.