Alcoa Reports Loss, but Beats Forecasts
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Aluminum giant Alcoa Inc. reported its first quarterly loss in eight years, citing the cost of plant closings and job cuts. Excluding one-time charges, however, the company’s earnings beat analysts’ reduced expectations.
The Pittsburgh-based company posted a loss of $142 million, or 17 cents a share, for the quarter ended Dec. 31, compared with profit of $392 million, or 45cents, a year ago.
Excluding a $241-million restructuring charge, the company earned $99 million, or 11 cents a share, on a 21% decline in revenue to $5.2 billion. Analysts predicted earnings of 10 cents a share.
Alcoa stock fell 82 cents to $37.34 on the NYSE.
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