Alcoa, Inc. (NYSE:AA) beat by a penny, but revenues came in a bit on the lighter side. The company is engaged in the production and management of aluminum and related products. Alcoa swung to a profit in the first quarter behind increased revenue.
ALCOA Earnings Cheat Sheet
Earnings: Reported net income of $308 million (27 cents/share) in the quarter. The company had a net loss of $201 million (loss of 20 cents/share) in the year earlier quarter.
Revenue: Rose 22% to $5.96 billion YoY.
Actual vs. Wall St. Expectations: AA fell in line with estimates as analysts were expecting EPS of 27 cents/share.
Quoting Management: “It was an excellent first quarter as we improved profitability across all business segments, set profit records in our midstream and downstream businesses and grew substantially,” said Alcoa Chairman and CEO Klaus Kleinfeld. “This was a total team effort.”
Today’s Performance: Shares of AA were down 18 cents to 17.74 as of April 11, 4 p.m. ET from the previous day’s close. The stock is now trading down over 4% after being halted.
Insider Activity: Unfavorable.
Top Competitors to Watch: Century Aluminum Company (NASDAQ:CENX), Alumina Limited (NYSE:AWC), Kaiser Aluminum Corp. (NASDAQ:KALU), Noranda Aluminum Holding Corporation (NYSE:NOR), and Aluminum Corp. of China (NYSE:ACH).