Alcoa Inc. shares took a hit in late trading on Tuesday after the aluminum maker reported a third-quarter profit improvement that came up well short of Wall Street targets.
Alcoa $9,82 , part of the Dow Jones Industrial Average after the report hit in extended trading.
Alcoa posted a profit of $172 million, or 15 cents a share, up from $61 million, or 6 cents a share, a year ago.
Sales rose to $6.42 billion from $5.29 billion a year earlier.
Analysts polled by FactSet Research were looking for earnings, on average, of 22 cents a share, with sales of $6.24 billion.
“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,” Chairman and CEO Klaus Kleinfeld said.
He also affirmed his forecast for a growth rate of 12% for 2011 as well as his outlook for doubling aluminum demand by 2020
“Alcoa is a confident company in a nervous world.
We are well prepared for whatever lies ahead, with more cash on hand, lower debt and continued focus on profitable growth,” he said
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