Alcoa Corp. (NYSE:AA) tumbles -2.28% in Pre-market despite Earnings Beat

Alcoa Corp.

Alcoa Corporation (NYSE:AA) shares are trading in Pre-market at $22.32 and fell -2.28%.

Alcoa Corp. (AA) shares declined in the extended session on Wednesday after the aluminum company’s quarterly results topped Wall Street expectations but it warned that performance could worsen should its markets not recover.

Alcoa shares saw 3% decline in after hours, following a 1.1% slump to close the regular session at $22.84.

Alcoa Decline

 

Alcoa Corporation is an American industrial corporation. It is the world’s eighth largest producer of aluminum, with corporate headquarters in Pittsburgh, Pennsylvania, reported a fourth-quarter loss of $4 million, or 2 cents a share, compared with a loss of $303 million, or $1.63 a share, in the year-ago period.

 

The adjusted 4Q earnings were 26 cents a share, versus a loss of 31 cents a share in the year-ago period. Alcoa Corp. reported a revenue declined to $2.39 billion from $2.44 billion in the year-ago quarter. The analysts surveyed by FactSet had forecast the 4Q earnings of 11 cents a share on revenue of $2.38 billion. Alcoa said it expects “lower quarterly performance”  for first quarter, in both its bauxite and aluminum segments should markets not improve.

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