Alcoa whiffed on earnings and the stock is tanking

Alcoa aluminiumSean Gallup/Getty ImagesA worker walks among rolls of semi-finished aluminium at the Alcoa aluminium factory October 24, 2006 in Szekesefehervar, Hungary

Aluminium and industrial metals producer Alcoa missed on earnings Tuesday.

The firm reported adjusted earnings of $0.32 per share against analyst estimates of $0.34 and revenue of $5.21 billion against expectations of $5.33 billion.

This is the final earnings report before Alcoa splits into two companies — Arconic and Alcoa Corporation — on November 1.

“Alcoa steered steady and showed resilience in spite of near-term market challenges,” said CEO Klaus Kleinfeld in a release accompanying earnings.

Kleinfeld also said that the Arconic sector of the company posted profit growth, while the Alcoa Corporation sector “managed successfully to stay profitable in a low pricing environment.”

Alcoa’s earnings announcement marks the unofficial start of the third quarter earnings season, in which most of the largest companies in the US report their results over the next three weeks.

Following the earnings, Alcoa shares tumbled nearly 9.5% in trading to $28.51 a share.

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