Alcoa Inc.'s fourth-quarter earnings met Wall Street's expectations, and it sees slightly higher demand for aluminum this year.
Net income was $242 million, or 21 cents a share. That included one-time gains such as income from selling a hydroelectric project.
Without those gains, the company would have made 6 cents a share — exactly what analysts expected, according to FactSet — on revenue of $5.9 billion. Sales were higher than the $5.58 billion that analysts predicted.
In the fourth quarter of 2011, the company posted a loss of $191 million, or 18 cents a share, on revenue of $5.99 billion, and a loss after special items of 3 cents a share.
The weak global economy has hurt demand for aluminum used in a wide variety of products, including airplanes and soda cans. But Alcoa said Tuesday that it sees demand growing 7% in 2013, up from a 6% gain in 2012, with the best prospects in aerospace but slower improvement in autos, packaging, and building and construction materials.
The company said it hit record profits in its aluminum-rolling and product-making businesses while cutting costs in its mining and refining segment.
Chairman and Chief Executive Klaus Kleinfeld said the company overcame volatile aluminum prices and global economic weakness and was in "strong position to maximize profitable growth" in 2013.
Alcoa is the first company in the Dow Jones industrial average to report fourth-quarter earnings. Because it makes aluminum for so many key industries, investors study Alcoa's results for clues about the health and direction of the overall economy.
Alcoa shares ended regular trading unchanged at $9.10. In after-hours trading following the earnings report, the stock gained 14 cents to $9.24.
Alcoa posts $242-million profit, in line with forecasts
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Alcoa posts $242-million profit, in line with forecasts
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Alcoa posts $242-million profit, in line with forecasts
