Analysts had lowered their projections considerably in the last month as aluminum prices continued to fall. Sales were $5.96 billion, higher than Wall Street estimates of $5.81 billion, but down 9 percent from $6.59 billion in the April-June quarter last year. The company reiterated its expectation that overall aluminum demand will grow 7 percent this year, turning a worldwide supply surplus into a deficit.
Alcoa Inc (NYSE:AA) reported that it struck a deal to supply drill pipe manufactured of an aluminum alloy to Pennsylvania General Energy, which oversees natural gas wells in the Pennsylvania’s Marcellus Shale formation.
The aluminum alloy, replacing steel, which is used normally for drill pipe, would let PGE drill deeper and would also consume less energy, according the drilling firm.
Alcoa reported that it will make 3,500 feet of 4.5 inch drill pipe for PGE, which will make it simple to expand the reach of drilling rigs on natural gas wells to almost 7,500 feet, which is 1,000 feet deeper than usual steel drill pipe can go without using bigger, more expensive rigs, according to the aluminum firm report.
Alcoa Inc.’s volume of 14.63 million shares was less than its average volume of 23.24 million shares. The stock after opening at $8.31 touched high price of $8.45 and settled at $8.37 after gaining 2.32%.
In the liquidity ratios, the company booked 1.26 as current ratio while its debt to equity ratio was 0.70 and long-term debt to equity ratio remained 0.63. The Company had overall cash at hand $1.71 million and a book value per share at $12.75 in the most recent quarter.
Measuring Alcoa Inc. competitiveness with another firm across its sector, AA stock is lagging behind from its 200 day moving average with -11.33% while the stock is moving down from SMA50 with -1.22% and traded at lowest level during the previous trading session at $8.26.
Shares of the company hit the 52 week low range with $7.97 per share while its 52 week high level was $13.27, which compares with last trade ending price of $8.37.
Its competitors Aluminum Corp. of China Limited (ADR) (NYSE:ACH) shares were down from 200 day moving average of -11.97% and traded as low as $10.27 per share in last session.
Alcoa has a P/E of 12.1 based on fiscal 2012 forecasts of 82 cents a share, and forward P/E of 10.4 based on fiscal 2013 forecasts of 96 cents a share. Considering how many stocks have run up in the last six months, there aren’t many opportunities for value out there.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
Related Post:
earnings reports
- Alcoa Inc earning per share $0.06 revenues of $5.9 billion
- Alcoa Inc.earnings estimates report january 8 2013
- Analysis Easyjet dividend profit margins jump
- AMD Q3 Revenue expected down 2012
- Discover Financial Services (DFS) earnings estimates report september 27 2012
- Walgreen (WAG) earnings estimates report september 28 2012
- Red Hat earnings estimates report september 24 2012
- earnings report to watch september 10 2012
- Pandora Media earnings report august 30 2012
- Vivendi earnings report august 30 2012
- Earnings Report to watch 8/30/2012
- FDIC insured banks earnings report august 29 2012
- JoS. A. Bank Clothiers earnings report august 29 2012
- Zumiez earnings estimate report august 30 2012
- Frontline Q2 Earnings Conference Calls August 29, 2012
- Star Bulk Carriers Conference Call Q2 august 29 2012
- Pandora Media Q2 earnings estimates report August 29, 2012
- Companies Earning report week 27- 31 august 2012
- Hewlett-Packard Earnings results Q3 estimated report 8/22/2012
- Dell Earnings results Q2 estimated report 8/21/2012
- earnings report to watch week 20-25 August 2012
- Walmart Earnings per share forecast 2013
- Walmart Q2 Earning Report 8/16/2012
- Sysco Corp Earning estimates report 8/13/2012
- Groupon Earning estimates report 8/13/2012
No comments:
Post a Comment