NEW YORK (Reuters) - Alcoa Inc , the largest U.S. aluminum producer, reported an adjusted third-quarter profit of 9 cents a share, topping the consensus estimate of 5 cents, and its shares rose 3 percent.
Revenue rose 15 percent on higher volumes in aerospace and increased market share in the building and construction market, and the company said global markets were strengthening.
Following are initial reactions of analysts and investors:
CHARLES BRADFORD, AFFILIATED RESEARCH GROUP, NEW YORK
"It was better than people expected because of cost reductions, but the metals price was pretty obvious. The fourth-quarter metals price ought to be a fair bit better.
"(Growth in China) has been doing 15 percent, but the month of August, the most recent one we have, was 1 percent, so China's demand growth is slowing.
"I have a fair value figure of about $17 (for Alcoa stock), but that's based on next year's cash flow and I think I'm a little too high. It's not going to be terribly much lower than that."
ALAN LANCZ, PRESIDENT, ALAN B. LANCZ & ASSOCIATES INC,
TOLEDO, OHIO:
"At first glance it's above consensus. I know some analysts were worried, and this might get them off the fence in term of double dip. I don't see anything here that would fuel the bears.
"On a preliminary basis, it looks positive, which is a good start to the earnings season."
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