Alcoa Inc (NYSE:AA) announced its earnings for the third quarter that missed consensus forecast. This is the last quarterly report from Alcoa before splitting into two separate companies.
AA shares plummeted more than 10 percent in the mid-day trading on Tuesday following the results.
Overall, Alcoa reported earnings of $166 million, or 33 cents a share for the latest quarter, well above $44 million, or 6 cents per share in the same period last year, but below average consensus forecast of 35 cents per share.
Revenue came in at $5.2 billion, below analysts’ estimates of $5.33 billion.
The New York-based company reaffirmed its guidance that automotive production will increase in a range of 1 to 4 percent worldwide this year.