Alcoa Corporation AA shares are trading lower in Wednesday's after-hours session on the heels of the company's fourth-quarter earnings report. Here's what you need to know.
What To Know: Alcoa reported quarterly losses of 56 cents per share, surpassing the analyst consensus estimate of losses of 78 cents, representing a 20% increase over losses of 70 cents per share from the same period last year.
The company reported quarterly sales of $2.60 billion, missing expectations of $2.63 billion. The figure marks a 2.55% decrease over sales of $2.66 billion from the same period last year.
It is also worth noting that while Alumina production fell 1% sequentially to 2.79 million metric tons, due to lower production from the Australia refineries, Alcoa produced 541,000 metric tons in Aluminum, marking a 2% increase compared to output in the third-quarter.
Alcoa also issued an outlook for 2024, with Alumina production estimated to be between 9.8 million and 10 million metric tons. Alumina shipments are anticipated to be between 12.7 million and 12.9 million metric tons.
"In the fourth quarter of 2023, we made progress on key challenges, including gaining approval on our Western Australia bauxite mine plans, and we're continuing to advance operational stability while we work to improve our global asset portfolio," said Alcoa President and CEO William F. Oplinger. "We are building on our positive momentum and implementing actions to drive improved profitability."
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AA Price Action: Shares of Alcoa were down 2.79% at $26.48 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by Khusen Rustamov from Pixabay
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