Earning season on the Wall Street has now officially begun. Alcoa on Thursday posted quarterly earnings well below Wall Street’s expectations, as high-growth aerospace and automotive materials segments could not soften the effects of low commodity prices.
The aluminum maker posted adjusted third-quarter earnings of 7 cents per share on $5.57 billion in revenue. Sales dropped about 11 percent from the previous year.
Alcoa cut its forecast for the 2015 global aluminum surplus to 551,000 tonnes from a previous estimate of 762,000 tonnes. The company said it expects a deficit in the market in 2016, but did not specify how much.
Alcoa shares have taken a nosedive this year, down more than 30 percent. However, they have climbed about 15 percent since the split announcement earlier this year.