Aluminum producer Alcoa Inc. (AA) late Monday kicked off the summer earnings season by posting a second quarter loss, but adjusted results bested Wall Street’s expectations.
The New York-based company reported a second quarter net loss of $2 million, or less than a penny per share, compared with a net profit of $322 million, or 28 cents per share, in the year-ago period. Excluding one-time items, adjusted profit was 6 cents per share.
Revenue fell more than 9% from last year to $5.96 billion.
On average, Wall Street analysts expected a smaller profit of 5 cents per share, on lower revenue of $5.81 billion.
Alcoa shares closed mostly flat in Monday trading, and the shares were indicated slightly higher in aftermarket action.
The Bottom Line
Shares of Alcoa (AA) have a 1.37% dividend yield, based on today’s closing stock price of $8.76. The stock has technical support in the $8 price area. If the shares can firm up, we see overhead resistance around the $10-$11 price levels.
Alcoa Inc. (AA) is not recommended at this time, holding a Dividend.com DARS™ Rating of 2.9 out of 5 stars.