Alcoa Misses Earnings Estimates
Alcoa (AA) reported loss from continuing operations of $266 million, or $0.27 per share. The consensus was a profit of $0.08 per share. Net charges for restructuring, special items and discrete tax items of $275 million, or $0.28 per share. A large miss, but it’s popular these days to disregard reported EPS although Alcoa has reported large extraordinary items 4 quarters in a row .
Cash flow was positive. Revenue surprised to the upside reaching $5.4 billion, up 18 percent from 3Q09 and 15.1 higher than consensus.
The media will probably spin this as positive on better-than-expected revenue.
