Alcoa, Inc. (AA) profits and stock is up.
January 11, 2013- Alcoa, Inc. (AA) issued a public report stating that its fourth quarter profits were in line with predictions made by industry analysts. A company spokesman said that planned cost-cutting measures helped the company mean its financial goals.
In truth, the cost cuts helped to offset the drop in aluminum prices that existed for most of the recently-ended year of 2012.
Investors responded positively to the good news issued by the company. Alcoa’s stock rose 1.2 percent and closed at $9.24 in very active after-hours trading.
Net income for the fourth quarter actually topped off at two hundred forty two million dollars or twenty one cents per share, figures that represented a quantum leap forward over the same period in the previous year.
In the 4th quarter of 2011, Alcoa reported a net loss of one hundred ninety one million dollars, a number that makes its profits for the last three months of 2012 even more impressive.
Excluding the sale of one-time items, net income in the last quarter of the year reached $64 million or six cents per share, numbers that were in line with the expectations of analysts that follow the company.
Alcoa also announced that it expects global aluminum consumption to increase by seven percent in 2013.
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