American aluminum producer Alcoa Corp. increased net profit in the second quarter of 2022 by 1.8 times, revenue – by 29%.

The company’s net profit in April-June amounted to $549 million compared to $309 million in the same period last year. Earnings per share increased to $2.95 from $1.63 a year earlier.

Earnings before one-off factors rose to $2.67/share from $1.49/share, beating the median forecast of analysts polled by FactSet of $2.31/share.

Alcoa quarterly revenue increased to $3.6 billion from $2.8 billion against a market consensus of $3.5 billion.

The company announced an additional $500 million for share buybacks. In the second quarter, it bought back $275 million of its own shares and paid out $19 million in dividends. Since the beginning of this year, Alcoa has returned more than $380 million to shareholders.

The company confirmed its forecast that its aluminum supplies in 2022 will amount to 2.5-2.6 million tons. The forecast for alumina supplies for the current year has been worsened to 13.6-13.8 million tons from 14.2-14.4 million tons, bauxite – to 44-45 million tons from 46-47 million tons.

Since the beginning of 2022, Alcoa’s quotes have decreased by 24%.