July 27, 2011 / 12:52 PM / 7 years ago

UPDATE 1-Noranda Q2 beats Street on higher aluminium prices

* Q2 adj EPS $0.46 vs est $0.41

* Q2 rev $426.3 mln vs est $370.5 mln (Follows alerts)

July 27 (Reuters) - Noranda Aluminum Holding Co posted second-quarter profit that handily beat analysts estimates on higher realized prices for aluminium and bauxite as well as increased sales.

Noranda operates a mine in Jamaica to produce bauxite that is refined into alumina at its Gramercy, Louisiana facility. The alumina is then smelted into aluminum at Noranda’s smelter near New Madrid, Missouri.

In May last year, Noranda emerged as a publicly traded company after an IPO by its majority owner, the private equity firm Apollo Management LP.

Earlier this month, America’s biggest aluminum producer Alcoa Inc posted strong quarterly results, helped by soaring prices for the metal and alumina, its raw material.

For April-June, Tennessee-based Noranda posted a net profit of $47.4 million, or 69 cents a share, up from $6.9 million, or 14 cents a share, a year ago.

Revenue rose 27 percent to $426.3 million.

Excluding items, the company earned 46 cents a share.

Analysts, on average, were expecting the company to earn 41 cents a share, on revenue of $370.5 million, according to Thomson Reuters I/B/E/S.

Noranda shares have shed about 21 percent of their value in the last three months. They closed at $13.35 on Tuesday on the New York Stock Exchange. (Reporting by Vaishnavi Bala in Bangalore; Editing by Joyjeet Das)

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