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Alcoa (AA) Stock Falls Despite Q2 Earnings, Revenue Beat

Alcoa (NYSE:AA) reported its latest quarterly earnings results after the bell on Wednesday, posting earnings and revenue that topped analysts’ quarterly expectations, but shares still fell late in the day.

Alcoa (AA)The aluminum production company reported its results for its fiscal second quarter of 2018, bringing in adjusted earnings of $1.52 per share, topping the $1.33 per share that analysts polled by Zacks Investment Research were calling for. The company has hit with $15 million of costs for the recent imported metal tariffs that President Trump imposed on companies such as this one.

Alcoa’s imports came mostly from Canada. The company also topped the Wall Street consensus estimate in revenue front, bringing in sales of $3.58 billion, ahead of the $3.555 billion that analysts polled by Zacks called for.

For its fiscal year 2018, the company sees its EBITDA as being in the range of $3 billion to $3.2 billion, below its previous guidance of about $3.5 billion to $3.7 billion. The reduction comes as the company’s cut “reflects current market prices, tariffs on imported aluminum, increased energy costs, and some operational impacts.”

“Uncertainty continues to exist in the global supply chain due to U.S. tariffs and ongoing alumina supply disruptions in the Atlantic region,” the company added in a statement.

AA stock fell about 2.1% on Wednesday after the bell following the news despite the company’s quarterly earnings beat. The stock fell a fraction of a percentage during regular trading hours.


Article printed from InvestorPlace Media, https://investorplace.com/2018/07/alcoa-aa/.

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