Alcoa posted its fourth quarter results that surpassed analysts’ expectations.
The aluminum producer’s fourth-quarter loss widened to -$2.11 a share, compared with a loss of -2 cents a share in the year-ago period.
Adjusted earnings, which exclude stock-based compensation expenses and other items, came in at $2.50 a share, compared with 26 cents a share in the year-ago period. Analysts polled by FactSet expected $1.93 a share.
Revenue rose to $3.34 billion from $2.39 billion in the year-ago quarter. The figure is higher than $3.29 billion expected by the analysts.
Alcoa projects adjusted earnings for the first quarter similar to the fourth quarter based on current pricing, while analysts predicted adjusted earnings of $1.63 a share for the first quarter on revenue of $3.29 billion.