Why Shares of Alcoa Are Falling Today
Shares of Alcoa (NYSE: AA) fell 10% on Thursday morning following the company's third-quarter earnings release. Results actually came in ahead of expectations, but investors were more focused on the company's weak forecast for the months ahead.
After markets closed Wednesday, Alcoa reported a third-quarter loss of $1.17 per share on revenue of $2.37 billion, topping expectations for a $1.38-per-share loss on sales of $2.2 billion. Alcoa generated $84 million in free cash flow during the quarter and managed to grow adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 54% from the prior quarter thanks to improving demand for aluminum.
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Source Fool.com
