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LIVE: Alcoa Beats Expectations, China Market Is Doing Well (AA)
Management is reaffirming global aluminum demand growth projection of 7 percent.
CEO Klaus Klausfeld told CNBC that the China market was doing well while the U.S. was slowing.
“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,” said Kleinfeld in the earnings release.
Alcoa unofficially kicks off earnings season today after the U.S. markets close.
Analysts expect the aluminum giant to report earnings of $ 0.05 per share. Revenues are expected to come in at $ 5.8 billion.
The announcement will be riddled with company-specific and industry-specific issues.
However, the macro investors will be interested in what management has to say about aluminum demand out of China.
“Management typically provides a demand outlook along with quarterly results,” said Citi’s Brian Yu. “Currently management expects aluminum demand to grow by 7% in 2012 (vs 10% in ’11), or 4% excluding China growth.”
Alcoa announces earnings right around 4:00 PM EST.