This was a given, there was no way they were going to make their numbers after metal prices falling the way they have these past few months. Stock is down over 5% in after hours trading! October 11, 2011, 4:08 PM ET Alcoa Badly Misses Earnings Estimates, Shares Fall By Mark Gongloff Third-quarter earnings season has stumbled out of the gate. Alcoa reported third-quarter earnings of 15 cents a share, well shy of market forecasts of 22 cents. Revenue was higher than expected, at $6.42 billion, compared with estimates of $6.24 billion. The company blamed âlower metal prices, seasonal factors and weakness in Europeâ for earnings that were down from the second quarter. Remember, analysts have been gouging their estimates for this quarterâs earnings repeatedly, down from 38 cents a share in April to 22 cents just before the report. âAluminum prices fell in the third quarter, but most markets continued to grow,â Alcoa CEO Klaus Kleinfeld said in the release. âWith the exception of Europe, we saw growth in our end markets, though at a slower rate than in the first half, as confidence in the global recovery faded.â Mr. Kleinfeld reaffirmed the companyâs forecast of 12% growth for this year. Alcoa shares are down 4.5% after hours â but theyâre already down 43% since April.
its funny how all day yesterday they kept saying on tv that the market is nervous ahead of Slovakia and on edge with AA reporting after the bell... and we get an Alcoa miss, Slovakia rejects the bailout, the market is way overbought short term, and we still get this huge rally in the market!