Shares of Alcoa Corp. AA, +1.41% rose more than 3% in the extended session Wednesday after the aluminum producer reported third-quarter results above Wall Street expectations and said it expects deficits for aluminum and alumina this year, as well as a surplus of bauxite. Alcoa said it lost $41 million, or 22 cents a share, in the quarter, versus earnings of $113 million, or 60 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $119 million, or 63 cents a share, compared with $135 million, or 72 cents a share, a year ago. Revenue reached $3.39 billion, compared with $2.96 billion a year ago. Analysts polled by FactSet had expected adjusted earnings of 36 cents a share on sales of $3.31 billion for the company. Alcoa also announced a $200 million share buyback program. “By reducing complexity, driving returns, and strengthening the balance sheet, we’ve made Alcoa a much stronger company even as commodity markets remain volatile,” Chief Executive Roy Harvey said in a statement. “We’re pleased to announce a program to return cash to stockholders, and we look forward to improving our Company further as 2018 comes to an end.” Shares of Alcoa closed the regular trading session up 1.4%.
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