Alcoa Earnings As Expected, Revenue Tops Forecasts
NEW YORK (AP) — Alcoa Inc. says fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.
The company said Tuesday that net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project.
Without those gains, the company would have made six cents per share — exactly what analysts expected, according to FactSet — on revenue of $5.90 billion. Sales were higher than the $5.58 billion that analysts predicted.
The weak global economy has hurt demand for aluminum used in everything from airplanes to soda cans. But Alcoa sees demand growing 7 percent in 2013, up from a 6 percent gain in 2012.
Alcoa is the first company in the Dow Jones industrial average to report fourth-quarter earnings.