Alcoa (AA), whose shares were halted as the market closed, this afternoon reported Q3 revenue and earnings ahead of estimates,
Q3 revenue rose 2% to $5.3 billion, beating the average $4.95 billion estimate of analysts, yielding profit per share of 9 cents, well ahead of the average 5-cent estimate.
Lower prices on metals worldwide and foreign currency effects were a damper in the quarter, the company said, but volumes were higher in alumina, flat-rolled products, and engineered products.
Markets are “strengthening,” the company said, prompting Alcoa to raise its forecast for global aluminum consumption to 13% from 12%.
Alcoa’s conference call will be at 5 pm, Eastern, today.