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 2015 the year you get RICH!

Latest Headlines

CBS CEO said met with Apple to discuss TV dealCBS CEO said met with Apple to discuss TV deal
RANCHOS PALOS VERDES, Calif (Reuters) - CBS Corp <CBS.N> CEO Leslie Moonves met with Apple Inc <AAPL.O> last week to discuss a TV deal, he said at a technology conference Wednesday, and th...
U.S. seeks JPMorgan communications with China's Quishan in hiring probe: WSJU.S. seeks JPMorgan communications with China's Quishan in hiring probe: WSJ
WASHINGTON (Reuters) - U.S. regulators have subpoenaed JPMorgan Chase & Co <JPM.N> for all of its communications related to 35 Chinese officials, including anti-corruption chief Wang Qishan,...
Office Depot to pay $3.4 million over office chair defectsOffice Depot to pay $3.4 million over office chair defects
WASHINGTON (Reuters) - The U.S. Consumer Product Safety Commission on Wednesday said Office Depot Inc <ODP.O> has agreed to pay $3.4 million in fines over its failure to report defects in two mo...
Many Americans have no retirement savings: Fed surveyMany Americans have no retirement savings: Fed survey
WASHINGTON (Reuters) - Many Americans are not financially prepared for retirement, with almost a third of working adults without savings or a pension, according to a Federal Reserve survey published o...
Many Americans have no retirement savings: Fed surveyMany Americans have no retirement savings: Fed survey
WASHINGTON (Reuters) - Many Americans are not financially prepared for retirement, with almost a third of working adults without savings or a pension, according to a Federal Reserve survey published o...

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.

Algorithm Based
Trade Signals
arrow
swing trades FREE Swing Trade Ideas Clear, simple swing trades.
small cap swing trades Futures Day Trading System S&P + Crude Oil Signals
Autotrading Autotrade Stocks Try for Free!