Alcoa (NYSE: AA) Beats Earnings by Penny, Revenue Up 6%, Raises Guidance
Alcoa (NYSE: AA) today announced second quarter 2010 income from continuing operations of $137 million, or $.13 per share, compared with a first quarter 2010 loss from continuing operations of $194 million, or a loss of $.19 per share. Alcoa is currently trading up 3.3% after-the-bell at $11.23 per share.
Alcoa beat consensus earnings estimates of $.12 per share and $5.05 Billion in quarterly revenue. Alcoa (AA) delivered $5.2 Billion in quarterly revenue.
“We improved profits and revenues and maintained our solid cash position,” said Klaus Kleinfeld, Alcoa Chairman and CEO. “The top and bottom line growth was driven by higher volumes from stronger end markets and continued gains from our productivity programs. Based on this improved end-market demand, we are raising our projection for aluminum consumption from 10 percent to 12 percent this year.
“Prospects for Alcoa and aluminum continue to be excellent,” Kleinfeld said. “Aluminum is traditionally a backbone of growing economies and is penetrating new applications every day. Alcoa has enviable positions in bauxite, alumina and aluminum and our investments will move us further down the cost curve. Meanwhile, our mid- and downstream businesses continue to improve margins.”
For more detailed information on the Alcoa earnings release, visit here.