Shares of Alcoa (NYSE:AA) are trading down by more than 4% in after-hours action in response to the aluminum producer's fourth-quarter report.

Analysts were looking for adjusted earnings of $0.06 per share on sales of about $5.4 billion. Alcoa's $5.6 billion revenue performance edged out the Street's target, but earnings fell far short with an adjusted loss of $0.04 per share.

These non-GAAP earnings exclude a host of special items, including a $1.7 non-cash goodwill impairment charge. Earlier today, Alcoa announced a settlement deal with the Department of Justice over bribery charges. The settlement will result in $384 million of fines and administrative fees, paid in five installments over the next four years. None of these payments fell in the just-reported fourth quarter of 2014.

"We put a number of legacy matters behind us," said Alcoa CEO Klaus Kleinfeld. The company started lowering its costs to produce commodity products at the height of the global economic crisis while refocusing on higher-value specialty products. "Today, this transformation is paying off, with the value-add businesses driving 57% of our revenues and 80% of our segment profits," Kleinfeld added.

Looking ahead, Alcoa projects solid 2014 growth in aerospace products, but about 10% lower industrial turbine orders, with all other product lines sticking close to 2013 numbers.

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