By Wallace Witkowski
Alcoa Inc. shares rose in the extended session Wednesday after the aluminum company topped Wall Street estimates for the quarter.
Alcoa /zigman2/quotes/200686102/composite AA +6.88% shares rose 2% after hours, following a 0.7% decline in the regular session to close at $59.63.
The company reported a fourth-quarter loss of $392 million, or $2.11 a share, compared with a loss of $21 million, or 2 cents a share, in the year-ago period. Adjusted earnings, which exclude stock-based compensation expenses and other items, were $2.50 a share, compared with 26 cents a share in the year-ago period.
Revenue rose to $3.34 billion to $2.39 billion in the year-ago quarter.
Analysts surveyed by FactSet had forecast $1.93 a share on revenue of $3.29 billion.
“We had a transformative year in 2021; we posted our highest-ever annual net income, returned cash to our stockholders and significantly reduced our debt and pension obligations,” said Roy Harvey, Alcoa chief executive, in a statement.
Alcoa forecast that it expects adjusted income similar to the fourth quarter based on current pricing. Analysts forecast adjusted earnings of $1.63 a share for the first quarter on revenue of $3.29 billion.