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Alcoa (NYSE:AA) reported its fourth quarter earnings today and saw a loss from continuing operations of $193 million ($0.18 per share), as compared to $172 million in income ($0.15 per share) in the previous quarter and the fourth quarter 2010′s $258 million income ($0.24 per share).
Alcoa’s (NYSE:AA) loss is the first one since the second quarter of 2009.
The company attributed the loss to restructuring charges from a number of different factors: the closure and curtailment of high-cost production capacity, lower aluminum prices, and continued market weakness.
After restructuring and other special items costs, the loss from continuing operations was $34 million ($0.03 per share).
Looking at revenue, Alcoa reported a fourth quarter revenue of $6 billion, a 7 percent drop from the $6.4 billion in the previous quarter but a 6 percent increase from the fourth quarter’s 2010 $5.7 billion revenue.
This quarter’s revenues came in lower primarily from Europe’s sovereign debt crisis and global market uncertainty.
In response to today’s earnings report, Alcoa’s Chairman and CEO Klaus Kleinfeld said the following, “Alcoa turned in solid performance in a volatile year by responding quickly to changing market conditions and relentlessly managing cash. We stayed focused on growth and took aggressive action to cut costs, improve our competitiveness, and strengthen our balance sheet.”
He added, “For 2012, we expect global aluminum demand to grow 7 percent and are forecasting a global deficit in primary aluminum supply.”
The company also disclosed the following growth projections:
Further Reading: Alcoa Inc. Earnings: Margins Shrink as Costs Rise>>
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