Alcoa on Thursday posted quarterly earnings well below Wall Street's expectations, as high-growth aerospace and automotive materials segments could not soften the effects of low commodity prices.
The aluminum maker posted adjusted third-quarter earnings of 7 cents per share on $5.57 billion in revenue. Sales dropped about 11 percent from the previous year.
Analysts expected Alcoa to post earnings of 13 cents per share on $5.65 billion in revenue, according to a consensus estimate from Thomson Reuters. The stock dropped about 5 percent in extended trading.
The metals maker announced late last month it expects to separate into two publicly traded companies by the second half of next year. After the results, Alcoa CEO Klaus Kleinfeld stressed the importance of the split, saying the company needs to focus on cutting costs to mitigate commodity headwinds.
"All in all, we have made the company more competitive, more resilient and in this light I think we need to focus on those things we have in our own control and that's what we are doing," he said on CNBC's "Closing Bell."