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Alcoa shares jump on strong 1Q earnings, stellar outlook

The aluminium maker was boosted by a six-year high in aluminium prices
Aluminium cans
The aluminium maker soared in extended trading

Shares of Alcoa Corp. (NYSE:AA) gained in extended trading after the aluminium maker topped Wall Street estimates for first-quarter earnings.

The stock jumped 5% to US$62.137 in extended trading.

READ: Alcoa slides after earnings come up short of expectations

Net income fell to US$150mln, or US$0.77 a share, from US$225mln, or US$1.21 a share, a year earlier, the company said in a statement. That beat estimates of adjusted earnings per share of US$0.68. 

The aluminium maker also updated its full-year outlook for adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA), excluding special items, to a range of US$3.5bln to US$3.7bln.

Last month, US President Donald Trump moved to impose tariffs on steel and aluminium imports, with initial exemptions for Canada and Mexico. The US has since granted temporary exemptions to the European Union and six other allies.

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