Shares of Noranda Aluminum Holding are up more than 2 percent in Wednesday trading after the company reported second-quarter results that easily beat the estimates of analysts who had expected lower prices to slash profits.
Franklin-based Noranda said it earned $25.3 million in the second quarter, a drop of almost 50 percent from a year ago. Per diluted share, that equated to 36 cents, four times analysts' expectations.
Revenues for the quarter fell by a quarter from last year to $372 million, while operating margins were 6.7 percent versus 12.3 percent in 2011. Total aluminum shipments rose slightly from last year to 146 million pounds, but the company's price per pound fell to $1.01 from $1.26 during that time.
At about 11:40 a.m., shares of Noranda (Ticker: NOR) were changing hands at $6.46, up 2.4 percent on the day. Nevertheless, they're still near their lowest levels since the company went public in the spring of 2010.