Alcoa: Q1 Earnings Snapshot
PITTSBURGH (AP) _ Alcoa Corp. (AA) on Wednesday reported first-quarter earnings of $469 million.
The Pittsburgh-based company said it had profit of $2.49 per share. Earnings, adjusted for non-recurring costs, came to $3.06 per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.99 per share.
The bauxite, alumina and aluminum products company posted revenue of $3.29 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected $3.5 billion.
Alcoa shares have increased 46% since the beginning of the year, while the S&P’s 500 index has decreased slightly more than 6%. In the final minutes of trading on Wednesday, shares hit $86.93, more than doubling in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AA at https://www.zacks.com/ap/AA