BENTONVILLE, Ark. (Reuters) - Metals company Alcoa Inc reported a quarterly profit that missed expectations on Wednesday, but its revenues topped estimates even as aluminum prices fell by 20 percent.
The New York-based company has been investing in more advanced aerospace and automotive products while selling off some of its more traditional yet costly smelting facilities.
The company said organic growth in its aerospace, automotive and alumina businesses, plus acquisitions offset declines caused by the divestment of lower-margin businesses as well as the decline in aluminum prices.
Chief Executive Officer Klaus Kleinfeld told Reuters that the lower aluminum prices represented a "tough headwind," but the lower costs and less dependence on smelting facilities had mitigated the impact.
"On the commodity side it is what it is, we can't influence what prices are going to do," he said. "What we can influence is where we are on the cost curve and we will continue to work on it."
ALCOA (AA.NY)reported a quarterly net profit of $140 million, up more than 1 percent from $138 million a year earlier. Profit per share slipped to 10 cents from 12 cents a share, reflecting an increase in the number of shares outstanding.
Excluding special items, the company reported earnings per share of 19 cents. Analysts had expected earnings of 23 cents per share.
The special items included $143 million in restructuring charges related to restructuring its business portfolio.
The company reported revenue for the quarter of $5.9 billion, compared with $5.84 billion a year earlier.
Analysts had expected revenue for the quarter of $5.79 billion.
(Reporting by Nick Carey; Editing by David Gregorio and Leslie Adler)
