Alcoa (NYSE:AA) reported its latest quarterly earnings results late in the day Wednesday, amassing results that missed Wall Street’s expectations on both the adjusted loss front and revenue, playing a role in company shares sliding after hours.
The Pittsburgh, Penn.-based aluminum producer said it brought in a net loss of $199 million, or $1.07 per share for its first quarter of its fiscal 2019. On an adjusted basis when excluding special items, the business said it had a net loss of $43 million, or 23 cents per share.
This loss was more than twice as wide as the adjusted loss that analysts predicted Alcoa to bring in at 11 cents per share, according to StreetInsider. The business added that its revenue for the period tallied up to $2.72 billion, also missing the Wall Street consensus estimate, which came in at $2.81 billion.
The company also had $168 million in cash from operations by quarter’s end, as well as $99 million in free cash flow. Alcoa added that its cash balance tallied up to $1 billion, while its debt reached $1.8 billion for a net debt of $800 million as of March 31, 2019.
For its fiscal 2019, the aluminum company did not change its outlook for shipments of bauxite, alumina and aluminum. Bauxite shipments are slated to be between 47 million and 48 million dry metric tons; alumna shipments are predicted between 13.6 million and 13.7 million metric tons; aluminum shipments will be in the range of 2.8 million and 2.9 million metric tons.
AA stock is down approximately 1.5% after the bell Wednesday off the heels of an underwhelming first three months to kick off its fiscal year. Shares were largely unchanged during regular trading hours.