Bellweather Alcoa kicks off US earnings with rise in net income
9 April 2013 2:02am
Alcoa, the first of the S&P 500 companies to report quarterly results, maintained its forecast for seven per cent growth in global aluminium demand this year. Even so, its shares slipped one per cent to $8.30 in trading after the bell.
Net income rose to $149m (£97.6m), or 13 cents a share, from $94m, or nine cents, a year earlier. Revenue slipped three per cent to $5.8bn. Excluding restructuring charges and other items, earnings rose to $121m, or 11 cents a share, from $105m, or 10 cents.
Alcoa is viewed as a bellwether for the materials sector, and some look to it for hints on the health of the broader economy. A strong earnings season could send US equity markets to new highs, but disappointing results could halt a rally that has already slowed.
Recent growth has come thanks to Alcoa’s downstream business. Indeed, in the first quarter, earnings also rose in the engineered products and solutions segment, which sells cast metal products like aluminium wheels and aircraft parts.
In other news
Russian President Vladimir Putin has accused the United States of meddling in affairs beyond its jurisdiction [Read more]
The UK's GDP increased by 0.3 per cent in the first quarter of 2015, according to the latest figures from the [Read more]
Five people were arrested after the anti-austerity protest in Whitehall and Trafalgar Square turned voilent yesterday. [Read more]
Claire Perry has said “at times, the delays and disruption that are occurring are simply inexcusable.” [Read more]
Like electing a boss of Fifa whose surname isn’t Blatter or extracting an apology from Thomas Cook, reforming [Read more]
Britain's FinTech sector is a particularly bright spot in the UK’s recovering economy. Investment in London [Read more]
Currency volatility did Kingfisher no favours in the first quarter of 2015, but investors have not been put off. [Read more]
Power systems manufacturer Rolls-Royce has signed an €80m (£57m) contract with General Dynamics European Land [Read more]
Tool hire giant HSS saw its shares rise yesterday after reporting first-quarter trading in line with expectations.
Irn-Bru maker AG Barr announced yesterday that it plans to expand its state-of-the-art canning plant at Milton [Read more]
A group of Tesco shareholders seeking compensation from the supermarket claim the troubled supermarket "committed [Read more]
Yahoo will face a US class action lawsuit alleging wiretapping violations of emails sent to its users from non-Yahoo [Read more]
Your train is late again. Do you sigh, grit your teeth and try to keep smiling or mutter to yourself that you [Read more]
Barclays, the international London-based bank led by Antony Jenkins, has decided to put its broking mandate up [Read more]
The EU referendum is on; taxes will be locked in at current levels and strike laws are being reformed. The Queen's [Read more]
The Queen's Speech - the first full-Tory state opening of Parliament since 1996 - has come and gone. But what [Read more]
Update: Firefighters have put out a blaze at a Berkeley Homes building site on Arsenal Way, Woolwich this afternoon. [Read more]