Alcoa Inc. (NYSE: AA) has come out and reported earnings, marking the first of the large companies to post earnings to kick off earnings season. The metals giant posted $0.66 EPS on $7.6 Billion in revenues. First Call had estimates of $0.64 EPS on $7.36 Billion in revenues.
The company even noted that these results were achieved despite a negative after-tax impact of $39 million, or $0.05 per share, associated with the gas pipeline explosion in Western Australia and power disruptions at the Rockdale, TX smelter. The company has also noted how its higher volumes and pricing power have helped to offset its input costs.
The company has also continued on its buyback walk with roughly 10% of its float retired versus the total 25% authorized.
Interestingly enough, Alcoa noted that all of its operating segments achieved double-digit after-tax operating income increases over the prior quarter.
Alcoa shares closed down 3% at $32.33 today, yet shares are actually up almost 3% at $33.28 in after-hours trading after its earnings. The 52-week trading range is $26.69 to $48.77.
Jon C. Ogg
July 8, 2008
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