Monday, April 12, 2010

Alcoa (NYSE:AA) Reports Loss for First Quarter

As expected, Alcoa (NYSE:AA) reported a loss for the first quarter, although they were able to narrow losses based on increased revenue and metal prices.

Losses for the first quarter came to net $201 million or 20 cents a share, in contrast to the same quarter last year, where Alcoa lost $497 million or 61 cents a share.

Operating losses a share came in at 19 cents a share, and overall revenue increased from $4.15 billion to $4.89 billion over last year.

Excluding charges related to Obamacare and the closing down of two of its smelters, profits from continued operations rose by 10 cents a share.

Alumininum prices have been somewhat level so far in 2010, increasing by only 3.3 percent for the quarter, even though it's selling at an 18-month high of over $2,400.

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