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Alcoa Ascends 4% As Earnings Surpass Estimates

Shares of aluminum producer Alcoa Corporation (AA) gapped-up more than 4% on Thursday after reporting upbeat fourth-quarter earnings.

The company posted adjusted income of $475 million or $2.5 per share in the fourth quarter, that beat the average estimate of analysts polled by Thomson Reuters at $1.96 per share.

Net loss, however, widened to $392 million, or $2.11 per share from net loss of 4 million or $0.02 per share a year ago, due to restructuring related charges.

Revenue for the quarter increased to $3.34 billion from $2.392 billion last year. The consensus estimate stood at $3.36 billion.

AA stock is at $60.88, up 2.09% currently. It has traded in the range of $17.30- $64.37 in the past 52 weeks.

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