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Alcoa profit cut in half as aluminum prices fall

SAN FRANCISCO (MarketWatch) — Aluminum giant Alcoa Inc. on Tuesday reported a third-quarter profit of $268 million, or 33 cents a share, down from $555 million, or 63 cents a share, a year ago when the company benefited from an asset sale. The most recent results include an after-tax charge of 4 cents a share relating to the curtailment of a smelter in Texas. Revenue fell to $7.23 billion from $7.39 billion a year ago. Analysts polled by FactSet Research were looking for a profit, on average, of 54 cents a share on sales of $7.27 billion. Alcoa warned that the profit squeeze from falling aluminum prices, shrinking demand and high input costs will have a greater impact going forward.
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Original post by Forextvblog

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