Alcoa Corp. (AA – Free Report) just released its latest quarterly financial results, posting adjusted earnings of $0.77 per share and revenues of $3.09 billion.
Currently, AA is a Zacks Rank #3 (Hold), but that could change based on today’s results. Heading into the report, Alcoa shares had gained more than 23% over the last month, including a 4% surge during regular trading hours Wednesday.
The stock is currently up an additional 4.7% to $62.25 per share in after-hours trading shortly after its earnings report was released.
Beat earnings estimates. The company posted adjusted earnings of $0.77 per share, beating the Zacks Consensus Estimate of $0.60. Investors should note that this consensus projection had trended downward over the past two months, moving about three cents lower over that timeframe.
Missed revenue estimates. The company saw revenue figures of $3.09 billion, beating our consensus estimate of $3.17 billion. Total revenue was up 16.2% year over year.
Alcoa ended the quarter with a cash balance of $1.2 billion, down about $162 million sequentially but up $392 million from the year-ago period.
“Our first quarter results point to a good start for the year, enabling us to make further progress against our strategic priorities to reduce complexity, drive returns, and strengthen the balance sheet,” said CEO Roy Harvey.
Alcoa raised its full-year outlook for adjusted EBITDA to a range of $3.5 billion to $3.7 billion, up from the prior quarter’s range of $2.6 billion to $2.8 billion.
Here’s a graph that looks at Alcoa’s recent earnings performance:
Alcoa Corp. Price, Consensus and EPS Surprise
Alcoa Corp. Price, Consensus and EPS Surprise | Alcoa Corp. Quote
Alcoa is a global industry leader in bauxite, alumina, and aluminum products.