Originally published at www.seclive.com
Alcoa Inc. (NYSE:AA) announced its financial results for the fourth quarter of fiscal year 2013, posting a net loss of $2.3B. The aluminum giant's net loss of $2.3B and $2.19 per share is a drastic shift from its $242M and $0.21 per share earned a year ago. The large disparity in the results between the years is attributed mostly to the write-down of aluminum-smelting operations. When excluding such charges, adjusted earnings per share were $0.04, falling just short of the $0.06 per share analysts had predicted. Revenue declined slightly from the year-ago period of $5.9B to $5.6B, beating revenue estimates of $5.36B. Separately, a joint venture for which Alcoa owns 60% will pay $223M in fines for admitting to bribing officials in Bahrain. Alcoa settled the claims in 2012 with Aluminum Bahrain for $85M.
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