Alcoa Reports 70 Percent Drop in Adjusted Earnings

Mining Weekly reported that Alcoa (NYSE:AA) reported a 70 percent drop in adjusted earnings, noting that productivity gains and solid midstream and downstream profitability were offset by low prices.
As quoted in the market news:

Excluding special items, net income for the three months ended September 30 came in at $109-million, or $0.07 a share, compared with net income of $370-million, or $0.31 a share, in the third quarter of 2014, the company advised on Thursday. Analysts had, on average, expected adjusted earnings of $0.13 a share on sales of $5.68-billion.
After releasing its third-quarter results, Alcoa’s NYSE-listed shares fell 5% to $10.46 apiece, having shed 31% since the start of the year. New York-headquartered Alcoa reported net income of $44-million, or $0.02 a share, including $65-million in net negative special items.
Special items included restructuring-related costs to improve the upstream portfolio and transaction costs, partially offset by gains on asset sales. This compared with net income of $149-million, or $0.12 a share, in the 2014 third quarter.

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