Earnings Roundup: AA, MU, DRWI
Thursday, October 07, 2021 5:53 PM

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Alcoa Inc. (NYSE: AA) reported Thursday that its third-quarter profit dropped 21%, hurt by lower London Metal Exchange prices and negative currency impacts. Net income declined to $61 million, or 6 cents per share, from $77 million, or 8 cents a share, in the year-ago quarter. On an adjusted basis, the company earned 9 cents per share in the latest quarter. Revenue climbed to $5.29 billion from $4.62 billion in the same quarter last year. Analysts, on average, expected a profit of 6 cents a share on revenue of $4.95 billion. Looking ahead, the company raised its forecast for global aluminum demand to 13% from 12%. Alcoa shares rallied more than 2% in after-hours trading.

Micron Technology (NASDAQ: MU) said late Thursday that it swung to a fiscal fourth-quarter profit of $342 million, or 32 cents a share, compared with a loss of $100 million, or 12 cents a share, in the year-earlier quarter. Revenue surged to $2.49 billion from $1.3 billion. Analysts, on average, expected the company to report earnings of 39 cents a share on revenue of $2.66 billion. Shares of the chipmaker fell more than 1% in extended trading.

DragonWave Inc (NASDAQ: DRWI) reported Thursday that its fiscal second-quarter net income fell to $1.2 million, or 3 cents per share, from  $5.7 million, or 19 cents per share, in the prior-year quarter. Revenue decreased to $27.2 million from $32.4 million. The company expects to report third quarter revenues of approximately $30 million. Looking ahead, the company said that it expects third-quarter revenue of around $30 million. DragonWave shares soared more than 5% in after-hours trading.

Disclosure: Author doesn't own any of the stocks discussed here.

 

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Market news:

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    • House Democratic leaders had long set aside consideration of the draft resolution, and the measure was expected to expire as a new Republican-led House takes office next month.
    • House aides, speaking on condition of anonymity because they were not authorized to comment, said Friday that Democratic leaders have been discussing a possible vote with lawmakers.
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                • He commended Picower's widow, Barbara, "for agreeing to turn over this truly staggering sum, which really was always other people's money."
                  • Congress rushes to finish bills before holidays Dec 18, 2021 03:48 AM

                    • WASHINGTON - Rushing to finish by Christmas, congressional Democrats worked Friday to secure Senate ratification of a new arms control treaty and to end the military's ban on openly gay service members as they neared the end of two tumultuous years of single-party government.
                    • Legislation to keep the federal government running until mid- to late February was also on the agenda, a matter for negotiations with emboldened Republicans who will take control of the House and add to their numbers in the Senate come January.
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