Alcoa (AA) which usually kicks of the earnings season, by being the first large company on a calendar fiscal year to report earnings, has on Tuesday 10/07/08, reported third quarter 2008 earnings that failed to meet Wall Street Forecasts.

The company reported earnings per share of $0.33 vs the $0.63 that it reported in the same period last year, on revenues of $7.2 billion, vs the $7.39 billion that the company realized in the same period last year. Revenues in the second quarter of this year came in at $7.6 billion. Wall Street was expecting EPS of $0.54, on revenues of $7.23 billion.

According to the company’s CEO Klaus Kleinfeld, “Recently, aluminum prices have fallen steeply and demand has softened further, while input costs remain high,” said Kleinfeld. “The resulting margin squeeze will have a greater impact going forward, but will be somewhat mitigated by the easing of energy prices and a

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Alcoa (AA) earnings are the traditional kick off of every quarterly earnings season. I don't really follow this name much simply because, while it's a basic material, aluminum is not exactly my favorite. But I'd like to show readers the reality behind the numbers, while the seals on CNBC were clapping and hooting and hollering about the "beat". I'd also like to show you a trend you will be seeing this earnings season, and the ones coming - higher input costs. And squeezed profit margins - we've been warning about this "era" coming since last summer. It's now here.First to the "great news" - Alcoa "beat" estimates - 66 cents versus 65 cents. So the seals cheer "better than expected". It's a joke. 90 days ago Alcoa was expected to do 77 cents, 60 days ago that was lowered ...