Alcoa (Attractive*) posted a Q4 net loss of $2.3bn or $2.19 a share on goodwill charges of $1.7bn from acquisitions dating back to 1998 and 2000. A year earlier, the largest U.S. aluminum producer had reported net income of $242m or 21 cents. Profit excluding the goodwill impairment was 4 cents a share, trailing the 6-cent median market estimate.
Q4 sales fell 5.3% to $5.59bn. While Alcoa benefited from solid demand from auto makers, weak demand from the aircraft and packaging industries were a negative. Furthermore, aluminum prices remain low as global supply has outstripped demand for nine years amid surging production in China and the Middle East. Alcoa shares fell 4.4% after markets.