Procurement Savings Contribute to Alcoa Surprise Profit
4/10/2012 5:45 PM ET
(RTTNews) – Aluminum producer Alcoa, Inc. (AA: News ) said Tuesday after the markets closed that its first quarter profit fell 69% from last year, as higher costs and expenses more than offset a small increase in revenue. However, the company’s quarterly earnings surprised Wall Street analysts who were expecting the company to report a loss for the quarter. However, Alcoa’s posted a first quarter profit driven by process improvements and procurement savings.