Alcoa (AA) Posts Ho-Hum Results to Kick Off Q4 Earnings Season
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Price: $35.94 -0.39%
Revenue Growth %: -2.6%
Financial Fact:
Net income (loss): 0.34
Today's EPS Names:
FRSB, DGICA, UXIN, More
Revenue Growth %: -2.6%
Financial Fact:
Net income (loss): 0.34
Today's EPS Names:
FRSB, DGICA, UXIN, More
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Alcoa (NYSE: AA) kicked off the fourth-quarter earnings season after the close Monday with a slightly larger-than-expected loss which came on better sales.
The aluminum giant reported a loss of $0.03 per share, excluding items, one cent wider than the $0.02 loss Wall Street was looking for. Sales fell 7 percent from last quarter to $5.99 billion, but beat the consensus of $5.74 billion. Sales were up 6 percent from last year.
"Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash. We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet," said Alcoa Chairman and CEO Klaus Kleinfeld.
"For 2012, we expect global aluminum demand to grow 7 percent and are forecasting a global deficit in primary aluminum supply."
Shares of Alcoa are up fractionally after hours Monday after rising 2.8 percent to $9.42 during the day.
Alcoa was the second worst-performing stock in the Dow Jones Industrial Average in 2011, losing 44 percent of its value.
The aluminum giant reported a loss of $0.03 per share, excluding items, one cent wider than the $0.02 loss Wall Street was looking for. Sales fell 7 percent from last quarter to $5.99 billion, but beat the consensus of $5.74 billion. Sales were up 6 percent from last year.
"Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash. We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet," said Alcoa Chairman and CEO Klaus Kleinfeld.
"For 2012, we expect global aluminum demand to grow 7 percent and are forecasting a global deficit in primary aluminum supply."
Shares of Alcoa are up fractionally after hours Monday after rising 2.8 percent to $9.42 during the day.
Alcoa was the second worst-performing stock in the Dow Jones Industrial Average in 2011, losing 44 percent of its value.
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