Sales Miss Crushes Alcoa - TheStreet

Sales Miss Crushes Alcoa

The can maker kicks off earnings season with a mixed quarter.
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(AA) - Get Report

sank late Monday after the can maker matched second-quarter profit targets but came up light on sales.

The Pittsburgh-based aluminum company made $715 million, or 81 cents a share, for the quarter ended June 30, down from the year-ago $744 million, or 85 cents a share. Sales rose to $8.07 billion from $7.8 billion a year earlier.

Analysts surveyed by Thomson Financial were looking for an 81-cent profit on sales of $8.34 billion.

The company also extended to Aug. 10 its cash-and-stock offer for rival


(AL) - Get Report

, which has rejected the $28 billion hostile proposal as undervaluing the Canadian aluminum smelter. Alcoa left the terms unchanged, a decision that isn't likely to entice Alcan shareholders who have been ignoring the take-under bid.

Alcoa slipped 29 cents to $42.07 late Monday.