NEW YORK ( TheStreet) -- Shares of Alcoa (AA - Get Report) edged up in late trades on Monday after the aluminum producer topped Wall Street's earnings expectations for its second-quarter results by a penny.
The company reported earnings from continuing operations of $61 million, or 6 cents a share, on sales of $5.96 billion. The average estimate of analysts polled by Thomson Reuters was for a profit of 5 cents a share in the June-ended period on revenue of $5.81 billion.
Including one-time items, such as reserves for environmental remediation and charges related to restructuring, Alcoa reported a loss of $2 million, breaking even on a per share basis, in the latest quarter. In the same period a year earlier, the company net income of $322 million, or 28 cents a share, on revenue of $6.59 billion.
"Alcoa maintained revenue strength and solid liquidity by driving high profitability in our mid and downstream businesses and by reducing costs and improving performance in our upstream businesses," said Klaus Kleinfeld, the company's chairman and CEO, in a statement."Although aluminum prices are down, the fundamentals of the aluminum market remain sound with strong demand and tight supply, and Alcoa is successfully capitalizing on accelerating demand in high-growth end markets such as aerospace and automotive." The stock was last quoted at $8.78, up 2 cents, on after-hours volume of nearly 1.1 million, according to Nasdaq.com. Based on Monday's regular session close at $8.76, Alcoa shares were up 1.3% so far in 2012. The company, which is the first component of the Dow Jones Industrial Average to report its results each quarter, also said it still expects to see a global aluminum supply deficit in 2012 and reaffirmed a forecast for 7% growth iglobal aluminum demand this year. -- Written by Michael Baron in New York.
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