Alcoa Corp. (AA.US) stock rose over 5.0% in premarket trading, after the company provided better than expected preliminary second-quarter results, citing productivity gains and cost savings amid challenges resulting from the COVID-19 pandemic. The aluminum products maker expects that net losses will drop from $205 million to $190 million, compare to a loss of $402 million in the year-ago period. Alcoa expects an adjusted loss per share of 8 cents to breakeven, excluding non-recurring items, while analysts polled by FactSet expected a loss of 58 cents per share. The company expects revenue to fall between $2.10 billion to $ 2.18 billion compared to $ 2.71 billion a year ago, still above analysts' estimates of $ 2.09 billion. Alcoa expects that production will rise 5% at mining locations and 2% at refining locations, compared with the Q1 of 2020, and primary aluminum production is expected to increase 3%. Company's cash balances should exceed $950 million, up from 829 million reported at the end of March 2020.
![]()
Alcoa Corp. (AA.US) - has been trading in an sideways move since July, however today's positive preliminary earnings results may be able to help market bulls break the resistance level at $12.38 per share. However, one should be aware that in case of a break below the support at $10.71 per share, downward move may accelerate. Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
