Alcoa Swings to Q2 Loss, but Adjusted Net Beats View (AA)

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 DARS™ Rating of 2.9 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