Alcoa: 4Q Earnings Snapshot
PITTSBURGH (AP) _ Alcoa Corp. (AA) on Wednesday reported fourth-quarter net income of $43 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Pittsburgh-based company said it had profit of 23 cents. Earnings, adjusted for one-time gains and costs, came to 66 cents per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.
The bauxite, alumina and aluminum products company posted revenue of $3.34 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $3.35 billion.
For the year, the company reported profit of $227 million, or $1.20 per share. Revenue was reported as $13.4 billion.
Alcoa shares have risen 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 4 percent. In the final minutes of trading on Wednesday, shares hit $28.97, a fall of 48 percent in the last 12 months.