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is down more than two percent in after hours trading after the company announced its fourth quarter results.
The company reported a Q4 EPS of $0.04 versus the Street estimate of $0.05.
Earnings per share were down 33 percent from the year-ago period.
Revenue came in at $5.6 billion versus the Street estimate of $5.43 billion. Sales were down five percent year-over-year.
"We delivered strong operating performance in the fourth quarter, led by record downstream profitability, as our strategy to build-out the value-add businesses and lower the cost base in the commodity segment gains traction," Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer, said in a
company release.
"In addition, we put a number of legacy matters behind us, clearing a path for Alcoa's continued transformation in 2014. We started growing our value-add businesses and lowering the cost base of our commodity businesses at the height of the economic crisis. Today, this transformation is paying off, with the value-add businesses driving 57 percent of our revenues and 80 percent of our segment profits."
Alcoa performed better during the third quarter,
an EPS of $0.11 versus the Street estimate of $0.06. Alcoa also beat on earnings during Q3, reporting revenue of $5.77 billion versus the Street estimate of $5.63 billion.
The company had some rocky moments in 2013, falling more than 12 percent from January 2, 2013 to July 1, 2013. Alcoa has rebounded, however, and is up more than 19 percent over the last 12 months.
In December, Alcoa inked a long-term
$110 million supply agreement with Airbus.
Disclosure:
At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.Loading...
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