Aluminum maker Alcoa opens 4Q earnings season with profit that matches analysts' forecasts - InfoNews

Current Conditions

Cloudy
8.1°C

Aluminum maker Alcoa opens 4Q earnings season with profit that matches analysts' forecasts

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
The Associated Press

  • Popular kelowna News
View Site in: Desktop | Mobile