Alcoa -4.2% AH after earnings miss estimates

|By:, SA News Editor

Alcoa (AA) -4.2% AH as adjusted Q4 earnings fell 5% Y/Y and weren't as strong as analysts expected, though revenue exceeded expectations.

AA lost an unadjusted $2.34B in the quarter, including a $1.72B impairment charge tied to the temporary shutdown of two smelter potlines at a joint venture in Saudi Arabia.

Revenue fell 5.3% Y/Y to $5.59B, as shipments of aluminum products fell nearly 3%.

AA projects global demand for aluminum to rise 7% in 2014, same as last year; the company sees this year's growth coming from the aerospace, automotive and building and construction markets, more than offsetting a decline in the industrial gas turbine market because of lower orders.