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alcoa's earnings after market closes, page-2

  1. SBC
    1,006 Posts.
    Appears to be about twice as bad as analysts expected.

    Cheers
    SBC

    Alcoa Swings to Loss, Misses Expectations
    http://www.cnbc.com/id/28623420

    Alcoa swung to a loss in its most recent quarter, and fell short of analysts' expectations amid a historic decline in metal prices.

    The aluminum producer reported a loss of 28 cents a share in the fourth quarter, excluding one-time items. In the same period last year, Alcoa reported earnings of 36 cents a share.

    A consensus estimate compiled by Thomson Reuters forecast a loss of 10 cents a share for the quarter.

    Sales fell to $5.7 billion, compared with $7.39 billion last year. The consensus estimate for the quarter called for sales of $5.26 billion.

    Shares of Alcoa [AA 10.06 -0.75(-6.94%)] were flat in extended trading Monday. The shares fell 6.94 percent during the regular session after Deutsche Bank cut its rating on the stock to "sell" from "hold," citing weak aluminum prices and the company's recent production cuts.

    "Given aluminum prices remain below Alcoa's average production cost, its large net debt position, near-term negative free cash flow and potential downside our price target offers from current levels, we downgraded Alcoa," said Deutsche Bank analyst Jorge Beristain, in a note dated Jan. 9.

    - Reuters contributed to this report.

    Alcoa reports $1.19B loss in 4th-quarter as ailing global economy erodes demand, prices
    Monday January 12, 2009, 4:21 pm EST
    http://finance.yahoo.com/news/Alcoa-reports-119B-loss-in-4Q-apf-14034634.html

    PITTSBURGH (AP) -- Aluminum giant Alcoa Inc. says it lost $1.19 billion during its fourth quarter as demand for the metal plunged in a troubled global market.

    Alcoa's loss of $1.49 cents per share highlighted the impact of the weakening world economy on key aluminum markets, including construction and autos. It earned $632 million, or 75 cents per share, in the year-ago period.

    Revenue fell 6.6 percent to $5.7 billion.

    Analysts estimated a loss of 10 cents per share on revenue of $5.26 billion, excluding special charges totaling $920 million, or $1.15 per share.

    Last week, Alcoa said it would reduce production by 18 percent, cut about 13,500 jobs and sell four subsidiaries.

    A drop in demand in late 2008 led to sharply lower aluminum prices and soaring inventories.


 
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