Alcoa beats on earnings, misses on revenues

Alcoa reported first-quarter profits that topped analysts’ expectations after the closing bell on Monday.

The company reported adjusted earnings per share (EPS) of $0.07 and revenues of $4.95 billion.

Its revenues rose nearly 6%, and this offset a 21% decline that came because of low alumna prices.

Via Bloomberg, analysts had forecast adjusted (EPS) of $0.02, with the highest estimate at $0.06 and the lowest at -$0.01.

Revenues were forecast at $5.20 billion.

The company’s shares fell 1% right after earnings crossed.

As usual, the aluminium giant unofficially kicked off the busy reporting season.

Alcoa came into this quarter expecting a strong year of global aerospace sales amid healthy demand for commercial aircraft.

It forecast record aluminium demand this year of 60.5 million metric tons, and global demand doubling between 2010 and 2020.

So far, it said, demand growth is tracking ahead of this forecast for the decade.

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