Alcoa earnings as expected, revenue tops forecasts

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Associated Press

Posted on January 8, 2013 at 4:02 PM

NEW YORK (AP) — Alcoa Inc. says fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.

The company said Tuesday that net income was $242 million, or 21 cents per share. That includes one-time gains like income from selling a hydroelectric project.

Without those gains, the company would have made six cents per share — exactly what analysts expected, according to FactSet — on revenue of $5.90 billion. Sales were higher than the $5.58 billion that analysts predicted.

The weak global economy has hurt demand for aluminum used in everything from airplanes to soda cans. But Alcoa sees demand growing 7 percent in 2013, up from a 6 percent gain in 2012.

Alcoa is the first company in the Dow Jones industrial average to report fourth-quarter earnings.

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