Alcoa Earnings: Beats the Street, Shares up After-Hours
Alcoa Inc. (NYSE:AA) kicked off Q2 2010 earnings season right, with sales increasing 22% and the company raising its aluminum consumption from 10% to 12% in 2010.
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After-Hours Alcoa shares added 3.04% or 33 cents and is heading into Tuesday over $11 a share at $11.20. Over the past 12 months Alcoa Inc (AA) shares have traded between $9.04 and its 52-week high of $17.60. Alcoa Inc shares have bottomed and have sinced moved up 19% from its 52-week low.
Alcoa's net earnings for Q2 2010 were $136 million, or 13 cents per share, compared with a loss of $454 million, or 47 cents per share in the same quarter last year. Earnings from continuing operations were $137 million, 13 cents per share. Revenue rose 22% to $5.2 billion.
In the past three months, the price of aluminum has dropped sharply, from over $2,400 per tonne in April to around $2,000 as weak demand for cars, planes and construction and uncertainty over the strength of the global recovery have weighed on the metal.
Read Alcoa's Business Wire here: http://www.alcoa.com/global/en/news/news_detail.asp?pageID=20100712006733en&detailType=invest&newsYear=2010