Alcoa Profit Trails Estimates as Europe Trims Aluminum Orders
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Alcoa Inc., the first company in the Dow Jones Industrial Average to report earnings this quarter, posted profit that trailed analysts’ estimates, saying European customers “dramatically” cut orders on economic uncertainty.
The largest U.S. aluminum producer’s third-quarter earnings, excluding restructuring costs and tax benefits, were about 14 cents a share. The average of 15 analyst estimates compiled by Bloomberg was for 22 cents. Chief Executive Officer Klaus Kleinfeld said yesterday European aluminum demand will decline 13 percent in the second half from the first.