Alcoa opens Q4 earnings season on a positive note
Shares in aluminum maker Alcoa Inc. (NYSE:AA) were up about 2% on Wednesday after the company said yesterday that fourth-quarter earnings met Wall Street's expectations, and it sees marginally higher demand for aluminum this year.
Net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project.
A year ago, the company posted a fourth-quarter loss of $191 million, or 18 cents per share, on revenue of $5.99 billion, and a loss after special items of 3 cents per share.
Demand for the commodity, according to Alcoa, will accelerate to 7% this year driven by increased aerospace needs, China’s slow recovery and an improved demand for autos, packaging, and building and construction materials.