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Alcoa weighs on market with third quarter miss

Tuesday, October 11, 2016 7:41
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Shares in light-weight metals giant Alcoa Inc (NYSE:AA) plunged 10% as it kicked off earnings season by missing analyst estimates in its latest quarter.

The firm posted third quarter adjusted earnings of US$0.32 per share compared to analyst estimates of US$0.34.

Revenue for the group, which is about to split into two at the beginning of next month, came in at US$5.21bn compared to expectations of US$5.33bn. That was down 6% against the previous year.

The group is splitting its raw aluminium operations, which are to keep the Alcoa name, from its aerospace and vehicle supply business, which will be called Arconic.

Klaus Kleinfeld, chairman and chief executive, said the group had steered steady and showed resilience in spite of near-term market challenges.

Looking ahead, he added the fundamentals in key markets remained very solid; commercial aerospace demand was strong with an order book in excess of nine years and the aluminization in automotive continues.

Shares shed 10.09% to US$28.33.

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