The New York- based Alcoa Inc (NYSE:AA) lower its estimates for worldwide use of the metal by 1% point on lowering Chinese demand, triggering a drop in Asian stocks for a third day.
Alcoa, the biggest United States aluminum producer, reported in its third-quarter earnings statement on Tuesday that demand will move up by 6% current year. That’s 14% below its July estimates that usage would boost 7%.
Chairman and Chief Executive Officer of Alcoa Klaus Kleinfeld reported in a conference call with analysts that they do observe a slight delay in few regions in end markets and the main driver for this is China.
Shares of Alcoa moved down 0.9% to settle at $9.05 at 7:49 PM on Tuesday after the end of regular trading in New York.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Century Aluminum Co (NASDAQ:CENX) rose +1.94% to settle at $7.34, Aluminum Corp. of China Limited (ADR) (NYSE:ACH) moved down -0.38% to end at $10.39 while Kaiser Aluminum Corp. (NASDAQ:KALU) plunged -0.14% to finish at $57.35 on Tuesday.
Alcoa Inc. (NYSE:AA) last session’s volume of 32.18 million shares was higher than its average volume of 18.48 million shares. The stock after opening at $9.19 hit high price of $9.25 and then closed at $9.13 by scoring +0.11%.
AA generated revenue of $24.38 billion in the previous twelve months and earned $70.00 million. The Company showed a positive 0.57% in the net profit margin as well as in its operating margin which remained at 0.71%. Company’s annual sales growth for the past five years was -2.93%.
The AA’s past twelve months’ price to sales ratio was 0.40 and price to cash ratio remained 5.69. As far as the returns are concerned, AA’s return on equity was recorded as 0.48% and return on investment increased 0.45% while its return on asset stayed at 0.35%.
The stock showed weekly upbeat performance of 3.16% which was maintained for the month at 0.88%. Likewise the positive performance for the quarter was recorded as 9.74% and for the year was -8.33% while the YTD performance remained at 6.53%.
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