U.S. aluminum producer Alcoa (AA) has reported better-than-expected fourth-quarter earnings.
The Pittsburgh-based company reported a Q4 earnings per share (EPS) loss of $0.56 U.S. and sales of $2.6 billion U.S.
Analysts on Wall Street had forecast an $0.84 cent loss and revenue of $2.6 billion U.S. in Q4.
A year ago, Alcoa lost $0.70 U.S. and had $2.70 billion U.S. in sales.
Alcoa’s earnings have been impacted over the last year by weak commodity prices, with benchmark aluminum prices declining 15% throughout 2023.
The company has also struggled with a drop in sales volumes, which management said is likely to continue in 2024.
In Q4 2023, Alcoa’s shipments of aluminum were down 3% year-over-year, coming in at 2.5 million tons.
The company said it expects to ship about 2.3 million tons of aluminum in 2024.
The stock of Alcoa has fallen 49% in the last 12 months to trade at $27.18 U.S. per share.
