Alcoa Jumps After-Hours Post-Earnings Beat
Dow component Alcoa (NYSE: AA), the largest U.S. aluminum producer, is surging almost 4% in the after-hours session after the company reported first-quarter EPS of 10 cents a share compared. Pennsylvania-based Alcoa posted income from continuing operations of $94 million, or $0.09 per share; excluding special items, income from continuing operations of $105 million, or $0.10 per share, according to a statement.
Alcoa posted revenue of $6 billion. Analysts expected a loss of $0.04 on $5.77 billion in sales. The company finished the quarter with $1.7 billion in cash on hand and reaffirmed 2012 global aluminum demand growth of 7%. Alcoa raised its demand forecast from aerospace customers by 3%.
Alcoa's report traditionally marks the start of a new earnings season and the company's results are widely followed because of the cyclical nature of the aluminum industry and the tells regarding the health of the broader economy Alcoa's guidance can provide.
Still, Alcoa is the second-lowest priced Dow stock behind Bank of America (NYSE: BAC). The Dow is a price-weighted index meaning at less than $10, Alcoa is unlikely to set the Dow's course on any given day.
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