NEW YORK -Alcoa Inc., the largest U.S. aluminum producer reported its highest quarterly profit in two years. Net income came in at $258 million, or 24 cents a share, sales headed higher by 4% to $5.65 billion from $5.43 billion but this missed estimates of $5.75 billion.
Andrew Kibbens the CEO of The Markets Are Open said "I was expecting a KOBATA but we didn't get quite there, in fact we missed it by a long-shot." KOBATA is Wall Street lingo for Knocked it Out of The Ball Park Above Top Anticipations. It is a term seldom used on Wall Street and it only qualifies for a small percentage of companies.
Shares finished 1.7% lower in after hours trading, which is from the time the markets close until 8 PM eastern, where shares trade typically at lower volumes.
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