Alcoa (NYSE:AA) earnings for the aluminum company’s third quarter of 2019 has AA stock up after markets closed on Thursday. This comes despite the company’s per-share losses of -44 cents, which is worse than Wall Street’s estimate of -33 cents for the period. Revenue comes in at $2.57 billion as analysts were estimating $2.58 billion for the quarter.
Now let’s dive deeper into the most recent Alcoa earnings report.
- AA saw its EPS goes from a positive in the third quarter of 2018 to a loss this quarter.
- Revenue was 24.19% lower from the $3.39 billion reported in the same period of the year prior.
- Net loss for the company is also worse off than its net income from the same time in 2018.
- The company is also preparing for a restructuring, starting Nov. 1, 2019, that it claims will result in a “leaner” corporation.
Roy Harvey, President and CEO of AA, says this in the current Alcoa earnings report.
“Our Bauxite and Alumina segments reached new quarterly production records since our launch in 2016, and our aluminum business continued to rebound. While market and pricing challenges persisted through the quarter, our cash balance remained steady.”
Alcoa doesn’t provide specific financial data for its 2019 outlook. What the company does say is that it expects shipments for bauxite, alumina and aluminum to remain the same as its previous guidance.
AA stock was down up 3.81% in after-hours trading on Wednesday. The stock closed the day down 1.45%. It is also down 25.88% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.