alcoa starts earnings season
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Alcoa starts earnings season

Arab Today, arab today

Arab Today, arab today Alcoa starts earnings season

New York - AFP

Aluminum giant Alcoa said Tuesday it swung into profit in the first quarter as it slashed production to cope with a softer global economy and high commodity prices. After the stock market closed, Alcoa, the first member of the blue-chip Dow Jones Industrial Average to report earnings this year, reported net income of $94 million, following a $191 million loss in the fourth quarter of 2011. Excluding special items, Alcoa earned 10 cents per share, surprising analysts who on average estimated a loss of four cents. Sales also beat forecasts, rising to $6.01 billion in the first three months of the year, slightly more than in the prior and year-ago quarters. "Alcoa, Inc. has managed to pull a rabbit out of its hat," said Jon Ogg, an analyst at 24/7WallSt.com. While an improvement, the first-quarter profit was sharply below the year-ago profit of $308 million. The world's largest producer of aluminum said the quarter-on-quarter rebound was driven by strong productivity improvements across all its businesses, higher prices for aluminum, and a better volume and mix. "Performance rebounded strongly this quarter due to our proactive cash sustainability actions, our relentless focus on profitable growth, and stabilizing markets," said Klaus Kleinfeld, Alcoa chairman and chief executive, in a statement. Kleinfeld noted the company was executing an "aggressive strategy" to lower costs and improve profitability. "Challenges remain in this economy, but we approach them better prepared than ever before," he said. Just last week Alcoa announced a 4.0 percent cut in its refining capacity in the Atlantic region, which represents about 50 percent of the firm's global refining capacity of 18 million metric tonnes a year. The company has been slashing smelting capacity in an effort to lower costs and become more competitive in the face of rising raw materials costs. In early January the New York-based company said it would reduce smelting capacity by 12 percent, in a plan that shutters plants in Italy and Spain. Shares in Alcoa closed 2.9 percent lower, at $9.32, in an overall bear market as investors awaited the company to kick off the first earnings season of the year. Investors welcomed the better-than-expected results, sending shares up 0.5 percent in after-hours trade. The global company, which transcends a range of sectors from aerospace and automotive to construction and consumer electronics, has 61,000 employees across 31 countries. "This report truly was a surprise when you consider the recent news and caution out there about earnings from the first quarter," 24/7WallSt's Ogg said.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alcoa starts earnings season alcoa starts earnings season

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

alcoa starts earnings season alcoa starts earnings season

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday