Alcoa's Added-Value Units Fall Short in Earnings Miss
- Profit slips in businesses that sell to car and plane makers
- Overall revenue declines, also missing analysts' estimates
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Alcoa Inc. exhibited third-quarter growing pains in its prized manufacturing units as they failed to provide enough added value to offset falling aluminum prices.
After-tax operating income across the downstream business that sells aluminum products to carmakers and jet producers fell 6.2 percent from a year earlier to $257 million, New York-based Alcoa said Thursday in a statement, missing the company’s forecast that profit will expand at the units.