shares spiked more than 7% after the bell, despite the company lowering its outlook on aluminum demand and reporting weaker-than-expected earnings for its third quarter.
The aluminum manufacturer cited weakening macroeconomic conditions, trade tensions, and contracting manufacturing in the auto sector in its lowered outlook. Alcoa reported a loss of 44 cents per share compared to the 33 cent loss per share analysts expected. Revenue also came in short of expectations at $2.57 billion, below the $2.59 billion Wall Street forecasted, according to Refinitiv consensus estimates.
"Looking ahead, our customers remain upbeat about their business prospects well into next year. At the same time, we know that lingering economic uncertainty could impact construction and industrial activity," said CEO Matthew Flannery.
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