Search for "SEC Live Filings Digest" to find out more.
Alcoa Inc. (AA) announced its third quarter financial results for the fiscal year 2013, reporting earnings that beat analyst estimates. The company improved on its performance compared to last year, with earnings per share of $0.02 as opposed to the $0.13 losses per share sustained a year ago. Alcoa was dropped from the Dow Jones Industrial Average in September after 44 years and in May had its credit rating slashed by Moody’s. Analysts are overall unimpressed with Alcoa’s outlook for fourth quarter, with the company projecting earnings to drop 25% from third quarter, or a 31% decline from a year ago this quarter. Despite the image setbacks and analyst disappointments, the company posted a 22% increase in net operating income of $192M, beating expectations. Chairman and CEO Klaus Kleinfeld remarked that the company’s share price is undervalued because Alcoa is repositioning itself in the marketplace, focusing on a growing demand for high-tech aluminum components used in aircraft and automobiles.