PITTSBURGH (AP) _ Alcoa Corp. (AA) on Wednesday reported a second-quarter loss of $402 million, after reporting a profit in the same period a year earlier.
The Pittsburgh-based company said it had a loss of $2.17 per share. Losses, adjusted for non-recurring costs, were 1 cent per share.
The results exceeded Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for a loss of 34 cents per share.
The bauxite, alumina and aluminum products company posted revenue of $2.71 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $2.79 billion.
Alcoa shares have decreased 13% since the beginning of the year, while the Standard & Poor's 500 index has increased 19%. In the final minutes of trading on Wednesday, shares hit $23.14, a fall of 52% in the last 12 months.