Alcoa (NYSE:AA) earnings for the American industrial company’s second quarter of 2020 have AA stock on the rise after markets closed on Wednesday. That’s due to its adjusted losses per share of 2 cents beating out Wall Street’s estimate of -45 cents. Its revenue of $2.15 billion also comes in above analysts’ estimates of $2.11 billion.
Now, let’s take a look at some additional highlights from the most recent Alcoa earnings report.
- Adjusted per-share losses are 100% worse than -1 cents during the same time last year.
- Revenue for the quarter is sitting 10% lower than the $2.71 billion from the second quarter of 2019.
- The Alcoa earnings also have it reporting a net loss of $197 million.
- That’s a 51% improvement over the company’s net loss of $402 million from the same period of the year prior.
Roy Harvey, president and CEO of Alcoa, said this about the current earnings report.
“Despite challenging market conditions, our team has lowered production costs, increased output, maintained stable shipments, and improved our balance sheet. We continued to make progress in executing our strategic actions and 2020 programs, and we finished the quarter with a cash balance of nearly one billion dollars.”
Alcoa isn’t changing its 2020 shipment outlook for bauxite, alumina and aluminum. However, it’s lowering its depreciation, depletion and amortization expense to $665 million from $685 million. It’s also “increasing its expected interest expense for full year 2020 to approximately $150 million.”
AA stock was up 5.8% after-hours Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.