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Aaron Spatz is the writer of SEC Live Filings Digest, detailing the news of companies trading on U.S. stock exchanges. The Filings Digest is but one component of the greater website SEC Live, which specializes in making SEC filings easy to read, research, navigate, and much more.
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  • Alcoa Beats Earnings Estimates 0 comments
    Oct 9, 2013 10:36 AM | about stocks: AA

    Originally published at www.seclive.com

    Alcoa Inc. (NYSE:AA) announced its third quarter financial results for the fiscal year 2013, reporting earnings that beat analyst estimates. The company improved on its performance compared to last year, with earnings per share of $0.02 as opposed to the $0.13 losses per share sustained a year ago. Alcoa was dropped from the Dow Jones Industrial Average in September after 44 years and in May had its credit rating slashed by Moody's. Analysts are overall unimpressed with Alcoa's outlook for fourth quarter, with the company projecting earnings to drop 25% from third quarter, or a 31% decline from a year ago this quarter. Despite the image setbacks and analyst disappointments, the company posted a 22% increase in net operating income of $192M, beating expectations. Chairman and CEO Klaus Kleinfeld remarked that the company's share price is undervalued because Alcoa is repositioning itself in the marketplace, focusing on a growing demand for high-tech aluminum components used in aircraft and automobiles.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

    Themes: financial results, earnings Stocks: AA
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