Alcoa (AA) is supposed to be the groundhog of earnings season, a harbinger of what to expect in the next six weeks. But the aluminum-producing giant’s latest earnings report doesn’t tell us much.
Alcoa’s earnings of 21 cents a share were in line with consensus expectations. The market tends to rise during earnings seasons after Alcoa beats estimates, so this earnings match doesn’t give us much of an indication of what to expect in the coming weeks.
The good news is that it beat on revenue, and 21-cents-per-share profit is well ahead of the fourth-quarter loss the company suffered a year ago.
So we may have to wait until the banks report to earnings to get much of a gauge on what to expect this season. Wells Fargo (WFC) is the first to report, on Friday.
As for Alcoa itself, the revenue beat is driving shares up 1.3% in after-market trading. At $9.22 a share, the stock is trading at a four-month high.
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