Alcoa shares slump as revenue miss expectations

Metals business Alcoa Inc (AA.N), weeks away from splitting into two has reported a quarterly profit that missed estimates and lowered its income projection for the unit serving the automobile and aerospace sectors, sending out shares down 10 percent.

Quarterly income fell in business making items for the vehicle and aerospace markets, due partly to delays with new jet aircraft engines and prices pressure, Alcoa stated.

It posted a greater third-quarter earnings as cost-cutting offset lower income from curtailed or closed smelting operations and falling costs.

Alcoa will divide into 2 entities prior the market opening on November 1. The first company, keeping the Alcoa name, will concentrate on the conventional smelting business. The other, Arconic, will focus in higher-end aluminum and titanium alloys for the vehicle, aerospace and construction markets.