Shares of Alcoa Corp. (AA) are losing almost 10 percent or $1.30 in Thursday’s morning trade at $11.70 after the aluminum producer gave a soft outlook for the fourth quarter, even as its third-quarter loss came in narrower than analysts’ estimates and revenue trumped expectations.
Wednesday, Alcoa reported third-quarter net loss of $49 million or $0.26 per share, narrower than last year’s loss of $221 million or $1.19 per share. Adjusted loss was $1.17 per share, compared to loss of $0.44 per share a year ago. Revenues declined to $2.37 billion from $2.57 billion last year. Analysts polled by Thomson Reuters had a consensus estimate for loss of $1.38 per share on revenues of $2.23 billion.
For the fourth quarter, Alcoa expects flat sequential quarterly results in the Bauxite segment, lower sequential quarterly results In the Alumina segment, and a sequential decline in the Aluminum segment.
Alcoa has traded in a range of $5.16 to $23.47 in the past 52 weeks.
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