Alcoa earnings (NYSE:AA) were released after hours on Wednesday, with the company’s results for its latest period coming in ahead of what analysts were calling for in the Wall Street consensus estimate, but AA stock was down late in the day.
For its fourth quarter of its fiscal 2019, the aluminum producer brought in adjusted earnings of 66 cents per share, which was stronger than what the Wall Street consensus estimate called for. Additionally, the company’s adjusted EBITDA for the period reached $749 million, below the $710 million that analysts were calling for.
Nevertheless, Alcoa shares took a hit late in the day as its adjusted earnings fell year-over-year from the $1.04 per share it had posted during its fourth quarter of fiscal 2017. Plus, the Pittsburgh, Penn.-based company’s adjusted EBITDA also declined from the $795 million it brought in during its third quarter of its fiscal 2018.
These slides were caused mostly to a drop in aluminum prices, as well as a decrease in the price of energy sales in Brazil–these shortcomings were partially offset by increased shipments across all segments. For its fiscal 2019, Alcoa forecasts a global aluminum deficit of roughly 1.7 million to 2.1 million metric tons.
The company adds that the global aluminum demand growth in 2019 is slated to be in the range of 3% to 4%, with the alumina market slated to move from a deficit at the end of 2018 to a surplus of roughly 200,000 to 1 million metric tons.
AA stock is down about 0.6% after hours on Wednesday following the company’s quarterly earnings results despite the earnings beat. Shares had been gaining about 0.3% during regular trading hours in anticipation of the company’s earnings.