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The aluminim producer misses third-quarter profit expectations and blames sharply lower prices, weaker demand, and higher costs for the gap.

October 7, 2008: 5:02 PM ET

PITTSBURGH (AP) -- Aluminum producer Alcoa Inc. says its third-quarter earnings plunged 52% due to sharply lower prices, weaker demand and higher costs.

The Pittsburgh-based company earned $268 million, or 33 cents per share, for the three months ended Sept. 30, compared with $555 million, or 63 cents per share, a year earlier. The earlier amount included a net gain of 25 cents per share for Alcoa's (AA, Fortune 500) sale of its stake in Aluminum Corporation of China Ltd (ACH)., also known as Chalco.

Revenue edged down 2% to $7.23 billion from $7.39 billion in the third quarter of 2007.

Analysts polled by Thomson Financial, on average, expected profit of 50 cents per share on the revenue of $7.23 billion. Those estimates typically exclude one-time items.