The price that Alcoa received for aluminum fell 2 percent from a year ago but rose nearly 5 percent from the third quarter. Shipments were flat from a year ago.The low prices were a factor in the announcement last month by Moody's Investor Service that it could downgrade Alcoa's credit rating to junk status. Alcoa has been trying to reduce debt to keep its investment-grade rating. In the fourth quarter, it cut spending by 12 percent to $6.23 billion.
Alcoa Earnings As Expected, Revenue Tops Forecasts
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.