Alcoa 3Q income, revenue rise from a year earlier (AP)

DALLAS ? Alcoa's quarterly profit fell short of expectation as worries about the global economy hurt aluminum prices.

Alcoa Inc. reported net income of $172 million, or 15 cents per share Tuesday. That was better than year-earlier net income of $61 million, or 6 cents per share. Revenue rose 21 percent to $6.42 billion.

But results were weaker than expected. Analysts surveyed by FactSet forecast earnings of 22 cents per share on revenue of $6.24 billion.

The performance marked a disappointing start to earnings season

Analysts had repeatedly lowered the bar for Alcoa ? scaling back their profit forecast by about one-fourth in just the past month as aluminum prices slipped and demand in Europe weakened. And yet the company still came up short.

The company said that other than Europe, most markets kept growing although at a slower pace than in the first half of the year as hopes faded for a global economic recovery.

Alcoa stuck to its forecast that aluminum demand will grow 12 percent this year and double by 2020. It said demand in China was mostly offsetting weakness in Europe.

Alcoa shares rose 21 cents, or 2.1 percent, to close at $10.30 before the results were released. In the first few minutes of extended trading, they fell 52 cents, or 5.1 percent, to $9.78.

Source: http://us.rd.yahoo.com/dailynews/rss/earnings/*http%3A//news.yahoo.com/s/ap/20111011/ap_on_bi_ge/us_earns_alcoa

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