(Corrects per-share EPS to show diluted, not basic)
Jan 8 (Reuters) - Alcoa Inc reported a fourth-quarter profit on Tuesday as cost cuts helped offset a drop in aluminum prices.
For the fourth quarter, the company reported net income of $242 million, or 2 1 cents per share, compared with a net loss of $191 million, or 18 cents per share, in the year-ago period.
Sales fell 1.5 percent to $5.89 billion.
The Pittsburgh-based company expected global aluminum demand to rise 7 percent in 2013. (Reporting By Ernest Scheyder; Editing by M.D. Golan)