Earnings Update: Alcoa (NYSE: AA)
Alcoa reported Q1 earnings per share of $0.28 excluding one-time items, which was above the FactSet estimate for $0.26 and above the year-ago results of $0.09.
Revenues for the quarter were reported at $5.82 billion, which was below the estimate of $5.94 billion.
“First quarter results show our transformation is moving at ongoing high speed and is fully on course,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. “We are organically and inorganically broadening our innovative, multi-material value-add businesses, bringing new capabilities and materials to our aerospace and automotive offerings, and taking swift action in the upstream, making it more competitive. We are pulling on all levers to create sustainable shareholder value.” p>
Shares of AA last traded at $13.34, which is down from the last closing price of $13.67.
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