U.S. Markets closed

Alcoa swings to quarterly profit as restructuring proceeds

CHICAGO, Jan 12 (Reuters) - Metals company Alcoa Inc on Monday reported a higher-than-expected quarterly profit excluding restructuring costs, as the firm continued its transition toward more lucrative automotive and aerospace products and away from high-cost smelting facilities.

The New York-based company reported a net profit of $159 million compared with a loss of $2.3 billion a year earlier. Excluding restructuring costs, Alcoa's net profit was $432 million.

Alcoa reported earnings per share of 11 cents, compared with a loss per share of $2.19 in the fourth quarter of 2013. Excluding restructuring costs, the company's earnings per share for the fourth quarter totaled 33 cents.

Wall Street analysts had expected earnings per share for the quarter of 27 cents.

(Reporting By Nick Carey; Editing by Marguerita Choy)