Aluminum Manufacturer Alcoa Posts Better Than Expected Earnings
July 8, 2009
As the first Dow Jones Industrial Average company to announce earnings Alcoa kicked off earnings season with a moderately positive report. The company reported a quarterly loss of 26 cents, slightly narrower than the 38 cents projected by analysts. Alcoa stock (AA) gained 5% in after-hours trading following the earnings report.
While demand for its metals continues to decline Alcoa credits the company’s wide-ranging financial and operational initiatives to reduce costs, increase cash, and strengthen its balance sheet as the driving force behind the company’s improvement.
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