Alcoa delivered quarterly earnings that topped analysts' expectations Monday, but revenue fell just short of what was expected, as some high-growth segments helped to slightly negate headwinds in its legacy business.
The metals and mining company posted fourth-quarter earnings of 4 cents per share on revenue of $5.25 billion. Alcoa's sales fell 18 percent from the previous year, driven by lower aluminum and alumina prices but partially offset by progress in its aerospace business.
Analysts expected Alcoa to post earnings of 2 cents per share on $5.29 billion in revenue, according to a consensus estimate from Thomson Reuters.
Its shares initially rose about 2 percent in extended-hours trading Monday, before reversing to a modest drop. (Click here for the latest quote).