Alcoa Inc. (NYSE: AA) today reported worse-than-expected fourth quarter results, indicating to Wall Street that the earnings season will be as bad as many had feared -- if not worse.

The company reported a net loss of $1.19 billion or $1.49 per share, compared with net income of $632 million, or $0.75 per share, the Pittsburgh-based company said in a press release. Revenue fell 19% to $5.69 billion, down from $6.1 billion in the fourth quarter 2007 excluding divested businesses. This was the company's first quarterly net loss in six years.

Excluding one-time items such as restructuring, impairment and other charges, profit was $929 million, or $1.16 per share. Results were hurt by a 35% decline in aluminum prices in the quarter -- a 56% decline since July -- and declining demand, especially from the automotive, commercial transportation and building and construction sectors. Analysts expected a loss of 10 cents on revenue of $5.26 billion.

Alcoa has braced itself for the economic downturn by cutting workers, reducing production and selling some businesses.

"We are taking wide-ranging measures to address the economic downturn," said Klaus Kleinfeld, President and CEO of Alcoa. "We have streamlined our portfolio to focus on businesses where Alcoa is the recognized leader, curtailed production to adjust to weakened demand, reduced global headcount, and achieved significant savings in key raw materials."

Fasten your seat belts, investors, you are in for a bumpy ride.