Shares of Alcoa Corp. (NYSE: AA) were up in morning trading on Thursday even as the aluminum producer reported disappointing Q3 results. The company’s revenues declined 8.3% year-over-year to $2.85 billion and missed estimates by $120 million.
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Alcoa, surprisingly posted an adjusted loss of $0.33 per share in Q3 versus a profit of $2.05 in the same period a year back and missing analysts’ estimates of earnings of $0.08 per share.
Alcoa President and CEO Roy Harvey commented, “Despite a challenging quarter that saw significantly lower prices, and high costs for energy and raw materials, we maintained a strong balance sheet, including transferring pension obligations and returning cash to our stockholders.”