Alcoa Misses on Profit, Revenue; Stock Slips Postmarket
By Kim Khan
Investing.com - Aluminum giant Alcoa (NYSE:AA) slipped in after-hours trading Wednesday after the company missed on the top and bottom lines in its latest quarterly results.
Shares of Alcoa (NYSE:AA) fell 2.2% postmarket.
The company, once the unofficial curtain-raiser of earnings season, reported a fourth-quarter loss of 31 cents per share on revenue of $2.49 billion.
On average, analysts were predicting a loss of 22 cents a share on revenue of $2.48 billion, according to forecasts compiled by Investing.com.
Looking to the first quarter, Alcoa (NYSE:AA) said it see lower results in its buaxite segment due to lower prices and seasonality, Briefing.com reported. In the aluminum segment, performance is expected to be flat.
For the year, the company said it sees aluminum supply exceeding demand by as much as 1 million metric tons.
Shares of the company are down more than 30% in the past year.
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