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Alcoa Inc (NYSE:AA) reported fourth-quarter earnings that beat expectations of but its sales miss the consensus estimates of Wall Street analysts. The stock price of the company declined nearly 1% to $7.99 per share on Monday.

Alcoa is the largest aluminum producer in the United States and the third largest worldwide. The aluminum giant is dividing itself into two publicly-traded companies during the first half of this year.

Alcoa financial results

During the fourth quarter, Alcoa generated earnings of$ $0.04 per share excluding items, higher than the $0.02 per share expected by Wall Street analysts. Its sales were $5.25 billion, lower than the $5.29 billion consensus estimate.

According to the aluminum giant its revenue from aerospace and acquisition increased 7% year-over-year more than offset a 25% decline in alumina and aluminum prices.

Alcoa reported a net loss of $500 million or $0.39 per shares including $569 million worth of special item relates primarily to the closure or curtailments of capacity in the Upstream business, divestitures, and discreet income tax charges.

During the same period a year ago, Alcoa recorded net income of $159 million or $0.11 per share. The aluminum giant’s revenue from Upstream business was $2.4 billion in revenue and Engineered Products and Solution was $1.4 billion.

Alcoa said its productivity gains were $350 million across all segments, cash from operations was $865 million, and free cash flow was $467 million. The company said it has $1.9 billion cash on hand by the end of the quarter.

In a statement, Alcoa Chairman and CEO Klaus Kleinfeld, said “Our solid fourth quarter results reflect our active portfolio management. Aerospace momentum accelerated with record sales and a $4 billion string of major contract wins.”

Business outlook for 2016

The company expected to achieve 8% to 9% global sales growth in the aerospace market this 2016—primarily driven by continued strong demand for large commercial aircraft and jet engines.

Alcoa estimated a 1% to 2% growth in global automotive production and continued improvement in the building and construction market with a growth rate of around 4% to 6%. The company expected the heavy duty truck and trailer market to decline 19% to 23% and the industrial gas turbine market to grow between 2% and 4%.