Last updated: January 09. 2014 4:36PM - 381 Views
Associated Press

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(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.

Shares slipped 3.7 percent to $10.30 in aftermarket trading.

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 the Middle East kingdom of Bahrain. The affiliate and Alcoa agreed to pay $384 million in penalties.

Associated Press
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