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

Pre Market | Dow Jones | Gold | Newsletters | Learn

Interested in Binary Options?
We'll teach you the best ways to trade binaries.
100% secure: your email is never shared, and you may opt out at any time.

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 2015 the year you get RICH!

Latest Headlines

China watchdog says graft risk controls tightened at central bankChina watchdog says graft risk controls tightened at central bank
BEIJING (Reuters) - The People`s Bank of China is strengthening internal risk controls to weed out potential corrupt practices, a unit of the Communist Party`s graft watchdog within the central bank s...
Oil climbs on big U.S. stock draw; strong dollar caps gainsOil climbs on big U.S. stock draw; strong dollar caps gains
SINGAPORE (Reuters) - Oil prices extended gains in Asian trade on Thursday, after a larger than expected draw in U.S. crude and gasoline stocks strengthened the outlook for oil demand. But gains w...
U.S. lawmaker pushing for more on currencies in Pacific trade pact U.S. lawmaker pushing for more on currencies in Pacific trade pact
LAHAINA, Hawaii (Reuters) - Democratic lawmaker Sander Levin said on Wednesday he was pushing for Pacific trading partners to do more on currency issues after the United States proposed a separate for...
Chinese banks investigating exposure to stock market: China Sec JournalChinese banks investigating exposure to stock market: China Sec Journal
SHANGHAI (Reuters) - Chinese banks have been investigating their exposure to the stock market from wealth management products and loans collateralized with stocks, the China Securities Journal reporte...
BOJ's Ishida warns of stimulus costs, future imbalancesBOJ's Ishida warns of stimulus costs, future imbalances
KYOTO, Japan (Reuters) - The Bank of Japan must be vigilant to the risk its massive stimulus programme could overheat the economy and create financial imbalances, board member Koji Ishida said on Th...

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.