Alcoa’s Third-Quarter Profit Declines 43%
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Alcoa Inc. said third-quarter profit declined 43% because of low aluminum prices and falling sales to aerospace, energy and telecommunications customers.
Net income fell for a sixth straight quarter, to $193 million, or 23 cents a share. Revenue fell 5.2% to $5.22 billion.
Although shipments rose 9%, the average price Alcoa got for its aluminum, used in beverage cans, cars, airplanes and construction, fell 7%. Alcoa said it had fewer orders of parts for airplanes, power plant turbines and fiber-optic cables.
Shares of Pittsburgh-based Alcoa fell 99 cents to $19.11 on the NYSE.
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