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Alcoa posts $2.3 billion 4Q loss on write-downs
Write-down of smelting operations sends Alcoa to $2.3 billion loss in 4Q, revenue falls
Associated Press
2014-01-10 06:01 AM

DALLAS (AP) -- Alcoa says it lost $2.34 billion in the fourth quarter, mostly because it wrote down the value of aluminum-smelting operations.

The company said Thursday that without the write-downs and other special items, it would have earned 4 cents per share on revenue of $5.59 billion, a drop of 5 percent.

FactSet says that analysts were expecting adjusted earnings of 6 cents per share on revenue of $5.36 billion.

Alcoa is struggling with low aluminum prices. The company predicts that demand for aluminum will grow 7 percent this year, the same as in 2013.

The company released fourth-quarter results hours after announcing that an affiliate pleaded guilty to bribing officials in Bahrain. The affiliate and Alcoa agreed to pay $384 million in penalties.

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