Alcoa Kicks Off Earnings Season On Positive NoteOctober 9, 2012 @ 4:21 PM EST
Earnings Update: Alcoa
Once again, Alcoa (AA) kicked off the earnings season. The company reported earnings per share of $0.03 which was above the consensus estimate of $0.00
On the revenue side, the company produced revenues for the quarter of $5.83 billion, which was above the consensus estimate of $5.54 billion.
The company’s CEO said that the market remains “fundamentally sound” and the he is “relatively optimistic on China.” In addition, he reaffirmed the company’s long term outlook and expects demand to double before 2020.
However, Alcoa cut its 2012 global aluminum demand forecast to 6% from 7%
After initially trading higher, AA stock last traded in the after-hours session at $9.13, even with the closing price of $9.13.
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