Alcoa Reports Mixed Q4 Results And Issues 2024 Production And Shipment Forecast; Stock Falls After-Hours
Portfolio Pulse from Ryan Gustafson
Alcoa Corporation (NYSE:AA) reported Q4 losses of $0.56 per share, beating analyst estimates but with a year-over-year increase in losses. Sales fell short of expectations at $2.60 billion, a slight decrease from the previous year. Alumina production dropped 1%, while Aluminum production increased by 2%. The company provided a 2024 forecast for Alumina production and shipments. Despite the mixed results and positive outlook, Alcoa's stock fell by 2.79% in after-hours trading.
January 17, 2024 | 9:44 pm
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Alcoa reported better-than-expected Q4 EPS but missed on revenue, with a slight decrease in sales from last year. The stock fell after-hours despite a positive production outlook for 2024.
Alcoa's stock price decline in after-hours trading is likely due to the mixed earnings report, with a revenue miss typically being a negative signal to investors. The positive production outlook for 2024 may not have been enough to offset the immediate negative reaction to the quarterly figures.
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