alcoa trims china business outlook as earnings fall
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
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*

alcoa trims china business outlook as earnings fall alcoa trims china business outlook as earnings fall

 



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*

alcoa trims china business outlook as earnings fall alcoa trims china business outlook as earnings fall

 



GMT 10:06 2012 Saturday ,28 July

Querrey advances at ATP LA Open

GMT 21:15 2017 Thursday ,01 June

Trump condemns deadly Kabul explosion

GMT 02:15 2017 Thursday ,24 August

Is your country on the Qatar free entry list of 80?

GMT 19:48 2016 Monday ,03 October

Controversial boxing champ Tyson Fury retires

GMT 08:20 2015 Tuesday ,08 December

PC market woes show no sign of easing

GMT 17:27 2017 Tuesday ,25 April

20 Yemeni soldiers killed, injured in explosion

GMT 11:52 2017 Saturday ,30 December

OIC condemns Mar Mina Church attack

GMT 00:03 2017 Saturday ,25 March

Arab Meeting to Examine Anti-Corruption Methods

GMT 13:12 2017 Thursday ,20 April

Deputy premier meets Arab League chief

GMT 14:13 2014 Friday ,10 January

Opel Astra GTC

GMT 18:27 2016 Tuesday ,02 August

Turkish Foreign Minister arrives in Islamabad

GMT 11:27 2016 Tuesday ,13 December

Saudi woman arrested for challenging social norms
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

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday