Aluminum giant Alcoa (AA) officially sounded the start of earnings season with a surprise profit, sending shares up nearly 4% after hours.
The company reported first quarter earnings of $94 million orÂ nine cents a share; excluding one-time items, earnings were ten cents a share. Last year the company reported a first-quarterÂ profit of 27 cents a share. Revenue was near flat at $6 billion.
The results were much better than analysts’ expected: The consensus forecast was for the company to report a loss of three cents per share on $5.77 billion in revenue. The results broke Alcoa’s three-quarter streakÂ of earnings disappointments.
However,Â the Street isn’tÂ optimistic about other metals producers — the sector is expected to be the worst performing in the S&P 500 this earnings season, with an expected 14.5% year-over-year decline.