Friday, October 14, 2011

Alcoa Kicks of Earnings Season With a Miss

Alcoa (NYSE:AA) kicked off earnings season late yesterday with its third quarter earnings report.

The aluminum producer said profits totaled $172 million, or $0.15 per share, compared to $61 million, or $0.06 per share, in last year's third quarter.

Results missed analyst estimates, although a 21% increase in revenue to $6.42 billion exceeded expectations.

The company is seeing demand from Europe decline, slower growth in its other markets, and softening aluminum prices.

For MarketNewsVideo.com, I'm Kristin Bianco.

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