Sure, Alcoa (AA) might not be in the Dow Jones Industrial Average anymore, but old habits die hard. For me at least, Alcoa’s release is the starting gun that marks the beginning of earnings season.
Bloomberg And Alcoa got this earnings season off with a bang. The aluminum giant reported an adjusted profit of 31 cents a share, easily topping analyst forecasts for 22 cents, on revenue of $6.2 billion, well ahead of the $5.8 billion street consensus.
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Alcoa CEO Klaus Kleinfeld noted that the results were “a clear data point that Alcoa's transformation is delivering.” He continued:
Our downstream business again achieved historically high profitability, the midstream maintained disciplined cost control while capturing growth, and Primary Metals performed at levels not seen since before the downturn. This strong quarter is the direct result of our intense focus on repositioning our portfolio, and we're just hitting our stride.
Shares of Alcoa have gained 1.7% to $16.35 at 5:13 p.m. in after-hours trading.
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