Alcoa and T-Mobile released their latest earnings reports after closing bell tonight. Alcoa posted adjusted earnings of 63 cents per share on $2.7 billion in revenue, compared to the analyst estimate of 53 cents per share.
T-Mobile reported earnings of 80 cents per share on $9.6 billion in revenue, compared to the Wall Street estimates of 34 cents per share and $9.6 billion in revenue.
Alcoa shares rise
By Alcoa (http://www.brandsoftheworld.com) [Public domain], via Wikimedia Commons
Alcoa swung to profit in the first quarter with net income of $225 million or $1.21 per share in earnings, compared to the year-ago quarter’s GAAP losses of $1.15 per share or $210 million. The company said improved pricing for aluminum and alumina drove its year over year revenue improvement. Adjusted EBITDA jumped 59% year over year to $533 million.
“To reduce complexity, we consolidated our business units and administrative locations,” said Alcoa CEO Roy Harvey in a statement. “We began to put our return seeking capital to work across our businesses to drive returns, and we continued to strengthen the balance sheet by maintaining a healthy level of cash on hand. As we look forward to the rest of 2017, we are well positioned to deliver value to our stockholders.”
The company maintained its guidance for $2.1 billion to $2.3 billion in adjusted EBITDA for the full year. Alcoa projects that global aluminum demand will grow by 4.5% to 5% in 2017.
Shares of Alcoa jumped by as much as 2.64% to $34.19 in after-hours trade.
T-Mobile boosts outlook for branded postpaid net adds
By T-Mobile (File derived from T-Mobile logo.svg) [Public domain], via Wikimedia Commons
T-Mobile added 1.1 million total subscribers during the first quarter, marking four years of adding more than 1 million per quarter. However, analysts had been expecting it to add 1.2 million subscribers. The company had 914,000 branded postpaid net adds and 798,000 branded postpaid phone net adds. The postpaid phone churn fell 15 basis points year over year to 1.18%. Services revenues grew 11% to $7.3 billion, while adjusted EBITDA fell 5% to $2.7 billion.
