Comment on Alcoa misses Street 3Q forecasts, stock slips

Alcoa misses Street 3Q forecasts, stock slips

Falling aluminum prices dragged down profit and revenue at Alcoa Inc., contributing to third-quarter results that fell short of Wall Street expectations. Alcoa has been reducing its vulnerability to low commodity prices by closing smelters and cutting costs in its mining and refining business. Excluding restructuring costs and other items, Alcoa said adjusted earnings were 7 cents per share. CEO Klaus Kleinfeld said the results, while down from a year ago, were encouraging given the volatile global economy, concern about the economy in China and developing countries, and weak aluminum prices. The company has announced recent contracts to supply plane manufacturers Airbus and Lockheed with parts made from high-tech materials such as titanium.

 

Comment On This Story

Welcome to Wopular!

Welcome to Wopular

Wopular is an online newspaper rack, giving you a summary view of the top headlines from the top news sites.

Senh Duong (Founder)
Wopular, MWB, RottenTomatoes

Subscribe to Wopular's RSS Fan Wopular on Facebook Follow Wopular on Twitter Follow Wopular on Google Plus

MoviesWithButter : Our Sister Site

More World News