Aluminum producer Alcoa Inc. says its third-quarter earnings plunged 52 percent due to sharply lower prices, weaker demand and higher costs.
The Pittsburgh-based company earned $268 million, or 33 cents per share, for the three months ended Sept. 30, compared with $555 million, or 63 cents per share, a year earlier. The earlier amount included a net gain of 25 cents per share for Alcoa's sale of its stake in Aluminum Corporation of China Ltd., also known as Chalco.
Revenue edged down 2 percent to $7.23 billion from $7.39 billion in the third quarter of 2007.
Analysts polled by Thomson Financial, on average, expected profit of 50 cents per share on revenue of $7.23 billion. Those estimates typically exclude one-time items.