Alcoa revenue dips, but net loss shrinks

PITTSBURGH — Alcoa Inc. on Monday reported a smaller net loss for the fourth quarter, though revenue shrank as higher metals prices were offset by ongoing weakness in aerospace, construction and gas turbines businesses.

Alcoa’s quarterly performance marks the unofficial beginning of the earnings season for S&P 500 companies, and it can be a sign of things to come. The report was released after the market closed and Alcoa’s shares fell in aftermarket activity.

The Pittsburgh company reported a net loss of $277 million, or 28 cents per share, compared with a loss of $1.19 billion, or $1.49 per share, a year ago.

The most recent quarter included $275 million, or 28 cents a share, in special charges, including restructuring items and charges stemming from production that was idled at two Italian smelters.

Revenue fell to $5.43 billion from $5.68 billion.

Alcoa said free cash flow turned positive for the first time since the second quarter of 2008, a sign the company was able to generate money from operations and not solely through cost-cutting.