NEW YORK CITY (dpa-AFX) - Alcoa Corp. (AA), the largest producer of aluminum in the US, Wednesday reported fourth-quarter adjusted earnings that trumped Wall Street analysts' estimates. Revenues also exceeded expectations.
Pittsburgh-based Alcoa reported fourth-quarter loss of $4 million or $0.02 per share, narrower than last year's loss of $303 million or $1.63 per share last year.
Excluding one-time items, earnings for the quarter were $49 million or $0.26 per share, compared to last year's loss of $57 million or $0.31 per share. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.11 per share.
Revenues for the quarter dropped to $2.39 billion from $2.44 billion a year ago. Analysts had a consensus revenue estimate of $2.35 billion.
'In a very challenging year, we set multiple production records, exceeded our goals for cash management, and made significant progress on our multi-year strategy,' said Alcoa President and CEO Roy Harvey. 'We had a very solid fourth quarter, and the work we accomplished in 2020 positions us well to capture the benefits of an improved market.
Alumina shipments dropped to 2.31 million metric tons from 2.46 million metric tons last year.
Looking forward to 2021, the company expects total alumina shipments to be between 13.9 and 14.0 million metric tons and stable in comparison to 2020.
AA closed Wednesday's trading at $22.84, down $0.25 or 1.08%, on the NYSE. The stock further dropped $0.56 or 2.46% in the after-hours trading.
Copyright RTT News/dpa-AFX
© 2021 AFX News
