April 11, 2012 at 08:38 AM EDT
Alcoa Kicks off Earnings Season, Swings to Surprise Q1 Profit (AA)

Aluminum producer Alcoa Inc. (AA) late Tuesday posted better-than-expected first quarter earnings results, sending its shares surging higher in aftermarket trading.

The New York-based company reported first quarter net income of $94 million, or 9 cents per share, compared with $308 million, or 27 cents per share, in the year-ago period. Excluding special items, adjusted profit was 10 cents per share.

Revenue edged slightly higher from last year to $6 billion.

On average, Wall Street analysts expected a net loss of 4 cents per share, on lower revenue of $5.77 billion.

Looking ahead, AA reaffirmed its previously-announced forecast for a 7% rise in global aluminum demand.

Alcoa shares rose 53 cents, or +5.7%, in premarket trading Wednesday.

The Bottom Line
Shares of Alcoa (AA) have a 1.29% dividend yield, based on last night’s closing stock price of $9.32. The stock has technical support in the $8.00-$8.50 price area. If the shares can firm up, we see overhead resistance around the $11 price level.

Alcoa Inc. (AA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here