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Alcoa's Streak Ends Amid Profit Shortfall

September 19, 2000|Times Wire Services

Aluminum giant Alcoa Inc. (AA) also warned of weaker earnings Monday, after a long string of healthy quarterly reports.

After markets closed, the company said it expects to earn 40 cents to 43 cents a share this quarter, lower than the current First Call consensus estimate of 49 cents a share.

Alcoa cited softness in key market segments, including transportation, building and distribution, as well as higher energy costs.

The stock, which has tumbled in recent weeks, fell $1.59 to a 52-week low of $27 in after-hours trading.

The Pittsburgh-based company said higher natural gas and fuel oil prices will increase costs by more than a cent per share for the quarter.

The announcement breaks a string of eight consecutive quarterly earnings gains for the company.

The stock has already plummeted from a 52-week high of $43.69 reached in January.

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