(By Balachander) Alcoa Inc. (NYSE:AA) reported better-than-expected quarterly earnings and revenue, sending shares of the Dow component 1.53 percent higher in extended trading on Tuesday.
Looking ahead for the full year 2012, Alcoa has moderated its global aluminum demand forecast to 6 percent from 7 percent amid a slowdown in China.
Excluding items, earnings per share from continuing operations were 3 cents for the third quarter, topping market expectations of breakeven earnings.
The company posted loss from continuing operations of $143 million or 13 cents a share, which includes special items of $175 million. In the year-ago quarter, the company earned 15 cents a share.
Revenue declined 9.0 percent to $5.83 billion versus consensus estimate of a 13.70 percent decline. Revenue dropped due to a 17 percent fall in the realized alumina price, the largest U.S. producer of aluminum said.
Adjusted EBITDA margin contracted to 4.8 percent from 12.8 percent.
In the preceding second quarter, the company posted breakeven on a per share basis on revenue drop of 9.4 percent amid weak aluminum prices.
The company provides aluminum to companies engaged in the manufacturing of automobiles and aerospace products, as well as to the construction market.
The stock, which has been trading in the 52-week range between $7.97 and $11.66, ended Tuesday's regular trading at $9.13.