DALLAS — Alcoa said Wednesday that third-quarter income soared as higher aluminum prices and lower costs for raw materials boosted its core primary-metals business.

Alcoa has been pivoting from its traditional role of mining and smelting aluminum to become a more diversified maker of lightweight metal and alloy products for aerospace, autos and other industries. But it was the core metals business that propelled Alcoa in the third quarter.

The primary-metals segment posted operating earnings of $245 million, up from just $8 million a year earlier. The company said that costs for the raw material alumina were lower while the price of aluminum it produced rose 16 percent.

Alcoa is having a good run. Recently, it announced contracts of at least $1 billion each to supply Boeing and jet engine maker Pratt & Whitney.

Last week, Alcoa opened what it touted as the world’s biggest aluminum-lithium plant in Indiana to make parts for the aerospace industry.