ALCOA's strong Q1CY21 augurs well for Hindalco, NALCO, Vedanta; here's why
Global aluminium major, ALCOA, has reported strong earnings for Q1CY21, which is positive for the industry.
Global aluminium major, ALCOA, has reported strong earnings for Q1CY21, which is positive for the industry.
The bauxite, alumina and aluminium products company reported first-quarter earnings of USD 175 million.
On a per-share basis, the Pittsburgh-based company said it had profit of 93 cents. Earnings, adjusted for non-recurring gains, were 79 cents per share.
The results surpassed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 48 cents per share.
Revenue came in at USD 2.87 billion in the period.
The reason why this is a positive breakthrough for a lot of Indian aluminium companies like Hindalco, NALCO as well as Vedanta is that ALCOA's performance is driven by higher global aluminium and alumina prices. This should hold true for the domestic industry as well.
"Expects to see continued global economic recovery. Increased demand for aluminium in end markets witnessed. There has been an improvement in shipments for value-added products. (sic)" the company said after the earnings.
(With inputs from AP)
Watch the accompanying video for more
(Edited by : Abhishek Jha)
First Published: Apr 16, 2021 12:09 PM IST
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