In this Saturday, April 9, 2011, photo, the Alcoa headquarters building stands in downtown Pittsburgh. Alcoa Inc. says fourth-quarter earnings in 2012 met Wall Street's expectations, and it sees slightly higher demand for aluminum this year. The company said Tuesday that net (AP Photo/Gene J. Puskar)
January 08, 2013 - 1:31 PM
NEW YORK, N.Y. - Alcoa Inc. says fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.
The company said Tuesday that net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project.
Without those gains, the company would have made six cents per share — exactly what analysts expected, according to FactSet — on revenue of $5.9 billion. Sales were higher than the $5.58 billion that analysts predicted.
The weak global economy has hurt demand for aluminum used in everything from airplanes to soda cans. But Alcoa sees demand growing 7 per cent in 2013, up from a 6 per cent gain in 2012.
Alcoa is the first company in the Dow Jones industrial average to report fourth-quarter earnings.
News from © The Associated Press, 2013