Shares of Alcoa (AA) have gained after the aluminum company announced better-than-forecast earnings.Bloomberg
Alcoa said it earned 9 cents a share, besting forecasts for 5 cents, on revenue of $5.5 billion, a slight miss on the Street consensus of $5.55 million. Alcoa expects the demand for aluminum to grow by 7%, it said in a press release.
Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer, was pleased with the results:
We hit record downstream profitability, nearly tripled results in the midstream, and strengthened our upstream business for the 10th quarter in a row…Our transformation is accelerating – we're powering growth in our value-add businesses and aggressively reshaping our commodity business.
Shares of Alcoa have gained 1.2% to $12.68 in after-hours trading at 4:11 p.m.