Alcoa (NYSE:AA) earnings for first quarter of 2020 have AA stock heading higher after-hours Wednesday. That’s thanks to its adjusted losses per share of 23 cents being better than Wall Street’s estimate of 24 cents. The American industrial company’s revenue of $2.38 billion also comes in above analysts’ estimates of $2.35 billion.
Let’s take a more in-depth look at the most recent Alcoa earnings report below.
- Adjusted per-share losses match what was reported during the same time last year.
- Revenue is sitting 12.5% lower than the $2.72 billion from the first quarter of 2019.
- The Alcoa earnings report also includes a net income of $139 million.
- That’s a positive switch compared to its net loss of $58 million from the same period of the year prior.
Roy Harvey, president and CEO of Alcoa, said the following in the earnings report:
“While we reported a solid first quarter with a strong cash balance, the world has fundamentally shifted due to the COVID-19 global pandemic, and we are taking decisive actions to address this crisis. Most importantly, we are focusing on the care and safety of our workforce, our operations, and our communities. We have implemented numerous steps for business continuity and are acting quickly to protect financial stability.”
Alcoa does provide an outlook in its Q1 earnings report. That includes aluminum shipments of 2.9 and 3.0 million metric tons in 2020. However, it notes these numbers may change due to the novel coronavirus.
AA stock was up 3.44% after markets closed Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.