Alcoa Tops Expectations (AA)

Alcoa (NYSE: AA) released its fiscal second-quarter earnings results on Monday after the closing bell.

The company reported a wider loss in the period, but adjusted earnings and revenue topped analysts' expectations. In late trade, the stock was last up 1 percent to $8.00. Management Commentary

“Our businesses showed remarkable operating performance in the quarter with solid free cash flow,” said Klaus Kleinfeld, Alcoa Chairman and CEO. “In our value-add businesses we reached another milestone with record profitability in our downstream business while acting decisively to defy the headwinds of falling metal prices in our upstream businesses. We improved our competitive position by actively restructuring, curtailing, and closing facilities and made progress addressing legacy legal issues.”

Q2 Results

The company reported a net-loss of $119 million or $0.11 per share, compared to a loss of $2 million or break even per share, in last year's corresponding period.

Net income on an adjusted basis was $76 million or $0.07 per share, versus $61 million or $0.06 per share, in last year's second-quarter. This compared to Wall Street analysts' consensus EPS estimates of $0.06.

Revenue in the quarter was $5.85 billion from $5.96 billion last year. This also came in ahead of consensus estimates calling for sales of $5.83 billion in the fiscal second-quarter.