“Alcoa unofficially kicked off US earning seasons beating expectations on earnings but falling short on revenue. The company reported adjusted first quarter earnings of 28 cents on revenue of $5.82 billion, whilst analysts had expected earnings of 26 cents per share on $5.94 billion in revenue,” said Fiona Cincotta, a Senior Market Analyst at Finspreads.com.
“The world’s third largest aluminium company is currently undergoing a major business transformation push and took a positive stance on its quarterly performance. However this didn't stop investors rushing out of the stock causing it to drop more than 3% in extended hours trading disappointed by the revenue results and forecast for global aluminium demand. These figures come at a stark contrast to last years results which saw Alcoa report its strongest full-year results since 2008.”
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