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Alcoa to post modest Q3 profit, eyes on forecast
Oct. 07, 2010 04:20PM PST
Long TailAlcoa Inc (NYSE:AA) is likely to post a modest third-quarter profit, but Wall Street will key in on the aluminum giant’s forecast to see if surging metal prices will send its earnings soaring in the year’s final quarter.
Alcoa Inc (NYSE:AA) is likely to post a modest third-quarter profit, but Wall Street will key in on the aluminum giant’s forecast to see if surging metal prices will send its earnings soaring in the year’s final quarter.
The press release is quoted as saying:
The weak U.S. dollar against the Australian dollar and Brazilian real is expected to be a drag on earnings because it raises Alcoa’s raw material costs. While Alcoa shares have bounced higher, they have not kept up with the rising metal price over the past six months.
