Alcoa (NYSE:AA) earnings for the American industrial company’s fourth quarter of 2019 have AA stock falling in after-hours trading on Wednesday. This follows its adjusted loss per share of -31 cents on revenue of $2.44 billion. For comparison, Wall Street was expecting adjusted losses of -22 cents per share on revenue of $2.47 billion.
Let’s take a closer look at the most recent Alcoa earnings report.
- Adjusted per-share losses are a switch from its EPS of 66 cents in the same period of the year prior.
- Revenue comes in 26.95% lower than the $3.34 billion in the fourth quarter of 2018.
- The Alcoa earnings report also includes a net loss of -$355 million.
- That’s worse off than the company’s net income of $227 million reported in the fourth quarter of the previous year.
Roy Harvey, President and CEO of Alcoa, has this to say about the AA stock earnings report.
“In 2019, we acted to further strengthen Alcoa, completing the divestiture of uncompetitive assets, modernizing labor agreements in three countries, implementing a new operating model, and making quick progress on the asset review process we announced last quarter.”
The Alcoa earnings report includes its expectations for 2020. Among these are bauxite shipments ranging from 48.00 million to 49.00 million dry metric tons. It also expects alumina shipments to be between 13.60 million and 13.70 million metric tons. When it comes to its Aluminum segment, it is expecting shipments between 3.00 and 3.10 million metric tons.
Company leaders will be going over the Alcoa earnings report via a conference call. The call starts at 5:00 p.m. Eastern Time and will be available via webcast on the company’s website.
AA stock was down 2.90% after markets closed on Wednesday. The stock also closed out the day down almost 1%.
As of this writing, William White did not hold a position in any of the aforementioned securities.