Alcoa's Earnings Come in Above Consensus Estimates

Kicking of the 2Q09 earnings season Alcoa (AA) reported a loss yesterday of US$0.26/share compared to analysts’ average estimate of US$0.38/share. The company accredited the better than expected result to workforce reductions and production cuts. CEO Klaus Kleinfeld said in a statement, “Alcoa has the staying power and reduced cost base to withstand the most serious downturn in the history of the aluminum industry.” Alcoa showed marginal gains in after-hours trading on the news.