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The
rise in profit at Alcoa came from cost-cutting measures and
lower income tax provisions, offsetting lower revenue as it
curtailed or closed some traditional smelting operations and
confronted falling prices.
This is the company's last quarterly report before it splits
into two separate entities - one focused on Alcoa's traditional
smelting business, the other on higher-end aluminum and titanium
alloys for the automotive, aerospace and construction
industries.
Alcoa reiterated its forecast that global automotive production
will rise between 1 percent and 4 percent in 2016 and that
aircraft deliveries will be flat to up 3 percent in 2016.
The New York-based company reported third-quarter net profit of
$166 million, or 33 cents per share, up from $44 million, or 6
cents a year earlier.
Analysts, on average, expected earnings per share for the
quarter of 35 cents.
In premarket trading, Alcoa shares were trading at $29.88, down
more than 5 percent from Monday's official closing price of
$31.51.
(Reporting by Nick Carey in Chicago; Editing by Jeffrey Benkoe)
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