Alcoa Inc (NYSE:AA) Continues To Grow Despite Lower Aluminum Prices
Alcoa Inc (NYSE:AA)’s much-awaited Q3 earnings season seems to kicked off to a good start. The analyst expectation had been that the company will report a profit of 5 cents/share profit but the company topped analyst expectations with its adjusted profit of 11cents/share or $120 million.
The company reported revenue of $5.8B which was on par its revenue for the same quarter in 2012. The analyst estimate has been that the company’s profit will dip by 3% to $5.6B.
This performance is notable especially since there has been a significant drop in the prices of Aluminum and the 7% drop in comparison to last year has done the entire industry a great deal of harm. Investors and analysts alike had not expected the company to perform as well as it has and the quarterly performance has come as a definite surprise. The company has reiterated its full-year projection for 2013 and has forecast ed a 7% growth in global aluminum demand.
Tuesday’s trading session
In Tuesday’s trading, Alcoa Inc (NYSE:AA) dropped by 0.38%. The shares opened at a price of $8.01, which was also the intraday high and dipped to a close of $7.34. Approximately 36.14 million shares were traded on Tuesday while an average volume of 24.15 million shares were traded over a 30 day period. The 52-week low of Alcoa Inc (NYSE:AA) shares is $7.63 and its 52-week high is $9.37. The company has a market capitalization of $8.50 billion.
About the company
Alcoa Inc (NYSE:AA) is involved in producing and managing primary-aluminum, fabricated aluminum as well as alumina combined via its participation in technology, refining, smelting, mining, fabricating and recycling. Its products are used across the world in automobiles, aircraft, commercial transportation, construction and building, packaging, oil and gas, consumer electronics, defense and industrial applications. Alcoa Inc (NYSE:AA) is a global company with operations in 31 countries.