Alcoa Beats Revenue, Optimistic on 2013 Demand
NEW YORK (TheStreet) -- Shares of aluminum producer Alcoa (AA) jumped in after-hours trades on Tuesday after the company said it expected to be in good position for 2013 on global demand growth in the metal.
Shares of the New York-based company were popping 19 cents, or 2%, to $9.32 after it reported fourth-quarter earnings of 6 cents a share on revenue of $5.9 billion. Concensus among analysts polled by Thomson Reuters expected 6 cents a share on $5.6 billion.
Earnings of the Dow Jones Industrial Average component was up from the year-ago loss of 3 cents a share, while revenue was slightly below the 2011 fiscal fourth-quarter report of $5.99 billion.
Shares of the company moved higher in after hours after the company appeared optimistic about global growth in demand of aluminum in 2013.
"We overcame volatile metal prices and global economic instability to deliver on our targets for the fourth year in a row. We enter 2013 in a strong position to maximize profitable growth," said Klaus Kleinfeld, chief executive officer of Alcoa.
The company said it expected demand growth of 7%, which would be up from 6% in 2012.
-- Written by Joe Deaux in New York.
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