Arab Today, arab today alcoa trims china business outlook as earnings fall
Last Updated : GMT 08:53:10
Arab Today, arab today
Arab Today, arab today

Alcoa trims China business outlook as earnings fall

Arab Today, arab today

Arab Today, arab today Alcoa trims China business outlook as earnings fall

CEO of Alcoa Klaus Kleinfled
New York - AFP

Alcoa reported lower third-quarter earnings Thursday due to falling aluminum prices as it trimmed its outlook for key Chinese businesses.

Earnings for the quarter ending September 30 were $44 million, down 70.4 percent from the year-ago period. Revenues fell 10.7 percent to $5.57 billion.

The results translated into seven cents per share, compared with the analyst projection of 14 cents per share.

Alcoa faced "economic headwinds and significant volatility in some of our markets" during the quarter, said chief executive Klaus Kleinfeld.

Much of the year-over-year earnings decline was due to special charges totaling $65 million, partly in restructuring costs and the shutting of less-profitable assets.

Lower aluminum prices were also a factor. Aluminum prices were down 25 percent from last year to $1,901 a metric ton, amid a broader pullback in commodities due in part to slower growth in China.

Alcoa cut its forecast of growth in sales to the Chinese automotive sector this year to 1-2 percent, from the prior forecast for 5-8 percent growth.

It also reduced its forecasts for commercial building and construction sales in China, while keeping sales growth to China's packaging industry unchanged at 8-12 percent.

Alcoa kept its 2015 estimate for global aerospace business growth at 8-9 percent.

Alcoa announced last week plans to split itself into two companies, one focused on upstream mining and smelting and the other on manufacturing aluminum products to supply industries including aerospace and auto manufacturing.

Shares of Alcoa fell 4.7 percent to $10.49 in after-hours trade.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa trims china business outlook as earnings fall Arab Today, arab today alcoa trims china business outlook as earnings fall

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today alcoa trims china business outlook as earnings fall Arab Today, arab today alcoa trims china business outlook as earnings fall

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday