Investing.com - Alcoa (NYSE:AA) reported on Wednesday fourth quarter earnings that beat analysts' forecasts and revenue that was inline with expectations.
Alcoa announced earnings per share of $2.50 on revenue of $3.34 billion. Analysts polled by Investing.com anticipated EPS of $2 on revenue of $3.34 billion.
The company's revenue in Q4 represented a 7% sequential increase and is the highest quarterly result since Q4 2018.
“We had a transformative year in 2021; we posted our highest ever annual net income, returned cash to our stockholders and significantly reduced our debt and pension obligations,” said Alcoa President and Chief Executive Officer Roy Harvey.
“Our performance demonstrates that our long-term strategies are delivering value and strengthening Alcoa, so we can be successful through all phases of the commodity cycle," he added.
In 2022, the company said it forecasts total bauxite shipments to range between 48 and 49 million, in line with 2021, alumina shipments are expected to be between 14.2 and 14.4 million metric tons, an increase from 2021, and the aluminum segment is expected to ship between 2.5 and 2.6 million metric tons, a decrease from 2021.
In addition, the company expects adjusted earnings before interest, taxes, depreciation and amortization and adjusted net income for the first quarter 2022 to be similar to the fourth quarter 2021.
Alcoa shares are up 0.07% from the beginning of the year, still down 7.38% from its 52 week high of $64.37 set on January 12. Its shares gained 1.11% in after-hours trade following the report.