Alcoa reported second quarter earnings after the close on Wednesday, beating expectations on revenues but missing on earnings.
The aluminium giant posted adjusted earnings per share of $US0.19, missing the consensus estimate for $US0.22 according to Bloomberg.
Sales came in at $US5.9 billion, versus the forecast for $US5.81.
“We continue to transform Alcoa; our portfolio reshaping combined with smart investments in growth markets is delivering strong results,” said CEO Klaus Kleinfeld in the statement.
Alcoa closed down more than 5% on Wednesday and was higher but little changed in early after-hours trading.
Alcoa’s earnings announcement unofficially kicks off the second quarter reporting season.
Wall Street is not expecting earnings or revenue growth from the S&P 500 until at least the final quarter of the year. And ahead of second-quarter-earnings season, expectations are that overall S&P 500 earnings will actually be lower than they were in the first quarter.
More to come …