Alcoa Inc. wasn’t supposed to have a good first quarter — not according to the experts.
But the aluminium giant fooled the analysts and opened earnings season with a surprise when it reported a first quarter profit of 9 cents a share. That’s a clear rebound from a loss of 18 cents a share in the fourth quarter last year.
If the experts can miss so badly on Alcoa, what else do the analysts have wrong?
Alcoa, which has a major manufacturing operation in Blount County with more than 1,200 employees, was supposed to be struggling with a weak economy. Maybe the economy is doing better than the experts believe.
Earnings season is just starting, but today at least investors are in a happier mood. The market as a whole is rebounding from the April slide and Alcoa shares are rising.