Alcoa reported a 76 percent jump in fourth-quarter profits and record results for all of 2007, despite a fourth quarter that saw its three largest business units turn in weaker performances.

Net income for the quarter totaled $632 million, or 75 cents per diluted share, vs. earnings of $359 million, or 41 cents per diluted share in the year-ago quarter. Sales declined 6 percent to $7.39 billion.

For the year, profits rose 12 percent to $2.56 billion, or $2.95 per diluted share, vs. 2006 earnings of $2.25 billion, or $2.57 per diluted share. Sales rose 1 percent to a record $30.75 billion.

"We battled substantially higher material input and energy costs, and currency impacts while simultaneously continuing to execute on the largest capital investment program in our history," said Chairman and Chief Executive Office Alain J.P. Belda.

The company's alumina, primary metals and flat-rolled products segments reported lower income from continuing operations in the fourth quarter. Alcoa blamed the slide on higher freight and energy costs, operational problems in Russia, weaker markets in the United States and Europe and currency-related items. Lower aluminum prices also hurt. They were off 4 percent in the fourth quarter but up an average of 4 percent on the year.

Alcoa said it repurchased 68 million shares last year, leaving it authorization to buy back another 150 million under an expanded repurchase plan announced in October.

The results were announced after the market closed. Alcoa shares moved higher in after-hours trading after closing yesterday at $31.25, up 25 cents. They rose 22 percent last year.