Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


Alcoa Swings into Profit in Q4 (AA)

Wednesday, January 9, 2013 4:20 AM
Shares of aluminum giant Alcoa Inc. (NYSE: AA) gained in afterhours trading on Tuesday after the company, following closing bell,  reported big leap in fiscal fourth-quarter profits, as demand for raw aluminum picked up and improved sales in higher-margins aerospace business along with cost-cutting measures bolstered the bottom line in spite of 12% drop in prices. Alcoa, which is world’s largest aluminum maker, is regarded as economic bellwether since it supplies aluminum products to wide variety of industries. The company reported net profit of $242 million or 21 cents a share against a loss of $191 million or 18 cents a share, in the year earlier quarter. Excluding sales of assets, net earnings (Non-GAAP method) stood at $64 million or 6 cents a share, compared to a loss of $34 million or 3 cents a share, in the corresponding period of last year. Commenting over the results, Alcoa’s Chief Executive, Klaus Kleinfeld  said to analysts and investors in a conference call, “ (The Company)overcome volatile metal prices and global economic instability." The Company also lifted its outlook on global aluminum demand in 2013. Alcoa now expects 7 percent growth in demand, up from its average growth forecast of 6.5 percent for the long-term. Nonetheless, the growth outlook is way below the 2011 level of 10 percent and 2010 level of 13 percent. “We enter 2013 in a strong position to maximize profitable growth,” added Klienfield. Kleinfeld also said that demand in China was picking up as economic growth, having remained stagnated in 2012 was showing signs of recovery while the Europe’s economy was performing better than most people anticipated. Moreover, the U.S. automobile and aerospace markets were also doing well, said the Chief Eceutive. Shares edged up 1.10 percent in afterhours trading on Tuesday.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Cargill sues former employee for breach of contractCargill sues former employee for breach of contract
(Reuters) - Global commodities trader Cargill Inc [CARG.UL] has sued a former employee, accusing him of stealing trade secrets before he joined rival JBS SA. Privately held Cargill filed the case on...
Amazon developing own online advertising software: WSJAmazon developing own online advertising software: WSJ
(Reuters) - Amazon Inc is planning to develop its own software for placing advertisements online, The Wall Street Journal reported, citing people with knowledge of the matter. While the in-house pla...
HSBC is sued in U.S. for $250 million over alleged role in 'death bonds'HSBC is sued in U.S. for $250 million over alleged role in 'death bonds'
NEW YORK (Reuters) - HSBC Holdings Plc was sued for $250 million on Friday for allegedly ignoring red flags that a colorful British entrepreneur, the late David Elias, was committing fraud through a...
Ackman, other shareholders ask Allergan to call special meetingAckman, other shareholders ask Allergan to call special meeting
BOSTON/NEW YORK (Reuters) - Investors owning 31 percent of shares of Allergan Inc have asked the company to call a special shareholder meeting, activist shareholder William Ackman said on Friday, gi...
Ackman, other Allergan shareholders submit paperwork for meetingAckman, other Allergan shareholders submit paperwork for meeting
BOSTON (Reuters) - Hedge fund manager William Ackman said on Friday that a total of 35 shareholders who own 31 percent of Allergan Inc.` s stock have called on the Botox maker to call a special meetin...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.