Alcoa Kicks Off 1st-Quarter Earnings Season
Alcoa Kicks Off 1st-Quarter Earnings
Season
Alcoa Inc. released its first quarter results after the closing bell Monday, kicking off the earnings reporting season as the first Dow component to report. The aluminum producer easily topped estimates in terms of profit, posting the company's strongest profit in almost three years, but its sales fell slightly short of expectations.
Alcoa reported net income from continuing operations of $309 million, compared to a net loss of $194 million in the same quarter a year ago. Excluding charges, the company's earnings were 28 cents a share, beating the average estimate of 27 cents by analysts in a recent Thomson Financial survey. The company's sales for the quarter, which ended March 31st, came in at $6 billion, a 5 percent improvement over 1Q 2011 but just shy of the $6.1 billion analysts had projected.
Alcoa CEO Klaus Kleinfeld lauded the results, saying they reflected better profitability across all of Alcoa's business segments. “This was a total team effort,” Klaus said in a prepared statement. The company also reiterated its previous expectations that demand for aluminum around the world would grow by 12 percent this year, after climbing 13 percent last year.
Alcoa Inc. released its first quarter results after the closing bell Monday, kicking off the earnings reporting season as the first Dow component to report. The aluminum producer easily topped estimates in terms of profit, posting the company's strongest profit in almost three years, but its sales fell slightly short of expectations.
Alcoa reported net income from continuing operations of $309 million, compared to a net loss of $194 million in the same quarter a year ago. Excluding charges, the company's earnings were 28 cents a share, beating the average estimate of 27 cents by analysts in a recent Thomson Financial survey. The company's sales for the quarter, which ended March 31st, came in at $6 billion, a 5 percent improvement over 1Q 2011 but just shy of the $6.1 billion analysts had projected.
Alcoa CEO Klaus Kleinfeld lauded the results, saying they reflected better profitability across all of Alcoa's business segments. “This was a total team effort,” Klaus said in a prepared statement. The company also reiterated its previous expectations that demand for aluminum around the world would grow by 12 percent this year, after climbing 13 percent last year.
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