Alcan 1Q Profit Rises 30 Percent, As Higher Prices and Sales Gains Offset Raw Material Costs

Canadian aluminum maker Alcan Inc. said Tuesday its first-quarter profit rose 30 percent, as improved pricing and greater sales volumes offset higher raw material and energy costs. Quarterly earnings available to common shareholders increased to $588 million, or $1.59 per share, from $451 million, or $1.20 per share during the same period last year. The results included a charge of $9 million, or about 2 cents per share, related mostly to restructuring at one of the company's recycling plants in France.

Analysts polled by Thomson Financial forecast a profit of $1.47 per share. Thomson estimates usually exclude special items. Revenue grew 16 percent to $6.42 billion from $5.6 billion during the same period a year ago. Analysts expected revenue of $6.12 billion. The company said its revenue gain reflected higher prices on its products, a better product mix and greater sales volumes in its downstream businesses.

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