Shares of Alcoa Inc. rose more than 5% late Monday after the company beat second-quarter earnings expectations and reported sales roughly in line with consensus. Alcoa said it earned $135 million, or 9 cents a share, in the second quarter, compared with $140 million, or 10 cents a share, in the year-ago period. Adjusted for one-time items, Alcoa earned 15 cents a share in the quarter, compared with 19 cents a share a year ago. Revenue hit $5.3 billion, down 10% from the year-ago period on lower aluminum and alumina prices and the impact of asset sales. Analysts polled by FactSet had expected Alcoa to report adjusted earnings of 9 cents a share on sales of $5.2 billion. The company said its asset sales are expected to generate $1.2 billion this year, and $815 million have been received.
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