Amended: corrects 19th paragraph to say Chevron is releasing first quarter "update" and not "results" on April 9.After living through a nightmare in the fourth quarter, the companies that contour the S&P 500 are now bracing to face yet another horrendous quarter, which will kick-start when Alcoa Inc. (AA: News) officially pioneers the earnings season after market-close on April 7. However, industry experts project a smaller 36% decline in first-quarter earnings for S&P 500 companies, compared to a 67% slide in the fourth quarter of 2008, amid recessionary pressures.
Many companies have drastically cut or withdrawn guidance, in view of the prevalent economic uncertainties. Alcoa, the litmus test for the season, has said its first-quarter results would continue to be callously encroached by the global meltdown that has adversely affected pricing and demand for aluminum, alumina and aluminum products.The company expects to incur a net loss for the quarter ended March 31, but sees benefit from a strong dollar. Analysts polled by Thomson Reuters expect the company to report a loss of $0.52 per share on revenues of $4.08 billion for the quarter. Analysts' estimates typically exclude special items. In the year-ago period, the company posted earnings of $0.37 per share on revenues of $7.38 billion.
Many companies have drastically cut or withdrawn guidance, in view of the prevalent economic uncertainties. Alcoa, the litmus test for the season, has said its first-quarter results would continue to be callously encroached by the global meltdown that has adversely affected pricing and demand for aluminum, alumina and aluminum products.The company expects to incur a net loss for the quarter ended March 31, but sees benefit from a strong dollar. Analysts polled by Thomson Reuters expect the company to report a loss of $0.52 per share on revenues of $4.08 billion for the quarter. Analysts' estimates typically exclude special items. In the year-ago period, the company posted earnings of $0.37 per share on revenues of $7.38 billion.
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