Alcoa Q4 Earnings Beat Street View

(RTTNews) - Alcoa Corp. (AA), the largest producer of aluminum in the US, Wednesday reported fourth-quarter adjusted earnings that trumped Wall Street analysts' estimates. Revenues also exceeded expectations.

Pittsburgh-based Alcoa reported fourth-quarter loss of $4 million or $0.02 per share, narrower than last year's loss of $303 million or $1.63 per share last year.

Excluding one-time items, earnings for the quarter were $49 million or $0.26 per share, compared to last year's loss of $57 million or $0.31 per share. On average, 9 analysts polled by Thomson Reuters expected earnings of $0.11 per share.

Revenues for the quarter dropped to $2.39 billion from $2.44 billion a year ago. Analysts had a consensus revenue estimate of $2.35 billion.

"In a very challenging year, we set multiple production records, exceeded our goals for cash management, and made significant progress on our multi-year strategy," said Alcoa President and CEO Roy Harvey. "We had a very solid fourth quarter, and the work we accomplished in 2020 positions us well to capture the benefits of an improved market.
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