Alcoa (AA) Misses Q3 Earnings Views as Aluminum, Alumina Prices Plunge
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Price: $8.54 --0%
Revenue Growth %: -3.0%
Financial Fact:
Total costs and expenses: 5.6B
Today's EPS Names:
ANF, DXLG, FL, More
Revenue Growth %: -3.0%
Financial Fact:
Total costs and expenses: 5.6B
Today's EPS Names:
ANF, DXLG, FL, More
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Shares of Alcoa (NYSE: AA) are trading lower Tuesday afternoon following the company's third-quarter earnings report. Results from the aluminum giant missed views as prices trended lower and European issues weighed.
Revenue increased 21.4 percent from $5.287 billion during the same quarter last year to $6.419 billion.
Net income rose 180 percent from $61 million in the year-ago quarter to $172 million, or 15 cents per diluted share.
The numbers compare with analyst estimates which called for revenue of $6.24 billion and earnings of 22 cents per share.
Quarter-over-quarter, Alcoa's revenue in alumina and aluminum was down 5 percent 1 percent, respectively.
"Aluminum prices fell in the third quarter, but most markets continued to grow," said Alcoa Chairman and CEO Klaus Kleinfeld. "With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded."
Alcoa is continuing to expect 12 percent in demand growth for aluminum in 2011. The company said, "increasing demand in China, where the Company has raised its 2011 growth projection two-percentage points to 17 percent, will mostly offset declines in Europe and other regions."
Following the report, Alcoa shares are down about 5 percent in late-Tuesday action. The stock last traded at $9.79.
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Revenue increased 21.4 percent from $5.287 billion during the same quarter last year to $6.419 billion.
Net income rose 180 percent from $61 million in the year-ago quarter to $172 million, or 15 cents per diluted share.
The numbers compare with analyst estimates which called for revenue of $6.24 billion and earnings of 22 cents per share.
Quarter-over-quarter, Alcoa's revenue in alumina and aluminum was down 5 percent 1 percent, respectively.
"Aluminum prices fell in the third quarter, but most markets continued to grow," said Alcoa Chairman and CEO Klaus Kleinfeld. "With the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded."
Alcoa is continuing to expect 12 percent in demand growth for aluminum in 2011. The company said, "increasing demand in China, where the Company has raised its 2011 growth projection two-percentage points to 17 percent, will mostly offset declines in Europe and other regions."
Following the report, Alcoa shares are down about 5 percent in late-Tuesday action. The stock last traded at $9.79.
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