Alcoa (NYSE:AA) had its earnings estimates lowered by Dahlman Rose for the third quarter of 2010, citing aluminum prices being lower than they were projected to be.
That has been one of the problems with Alcoa's past projections, which have been for aluminum price increases of about 10 percent, although that could be the case going forward.
Consequently, Dahlman lowered earnings per share estimate for Alcoa from $0.10 a share to $0.05 a share.
Price per pound for aluminum in the third quarter was expected to be at $0.95 a pound, but came in at $0.93 a pound instead.
Full year estimates for 2010 and 2011 remain on track according to Dahlman, with earnings in 2010 expected to be $2.8 billion, or $0.45 a share, while earnings in 2011 for the full year are estimated to be $4 billion, or $1.10 a share.
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