Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Alcoa beats forecast despite lower aluminum prices  Join our daily free Newsletter

MENAFN - ecPulse - 10/10/2012

No. of Ratings : 0
Add to Mixx!


 


The U.S. largest aluminum producer, Alcoa Inc. reported less-than-forecasted loss in the third quarter amid low aluminum prices and worries over China’s slowing demand, where the company lowered its outlook for aluminum demand this year.

The company posted a  net loss  of 143 million during the third quarter, or 13 cents per share, compared with a profit of 172 million, or 15 cents per share, in the same quarter last year.

The chairman and chief executive Klaus Kleinfeld said that the company had seen a "slight slowdown" in some regions and end markets.

Alcoa has lowered its global outlook for aluminum demand to 6 percent growth for 2012, from previous projection of 7 percent.

Mr Kleinfeld said that "the main driver for this is China," as the country’s aluminum demand growth was 11 percent in the first half of this year, but "we believe this is going to come down in the second half to 7 percent.”

"Im pretty confident given the already announced China stimulus package which is going into the ground ... (it) will be picking up speed but this is probably going to take until the end of the fourth quarter," he said.

Alcoa said  revenue  fell 9% to 5.8 billion, due to a 17% drop in aluminum prices year-over-year, the company said.

Alcoa is the first company in the S&P 500 index to formally report its quarterly earnings.

Acloa Inc share was little changed from its 9.13 closing price in after-hours trading in New York Stock Exchange.


 






  MENA News Headlines


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help