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Oct 11 (Reuters) - Metals company Alcoa Inc on Tuesday reported higher quarterly profit but missed expectations, sending its stock down more than 5 percent.
The rise in profit at Alcoa came from cost-cutting measures and lower income tax provisions, offsetting lower revenue as it curtailed or closed some traditional smelting operations and confronted falling prices.
This is the company’s last quarterly report before it splits into two separate entities - one focused on Alcoa’s traditional smelting business, the other on higher-end aluminum and titanium alloys for the automotive, aerospace and construction industries.
Alcoa reiterated its forecast that global automotive production will rise between 1 percent and 4 percent in 2016 and that aircraft deliveries will be flat to up 3 percent in 2016.
The New York-based company reported third-quarter net profit of $166 million, or 33 cents per share, up from $44 million, or 6 cents a year earlier.
Analysts, on average, expected earnings per share for the quarter of 35 cents.
In premarket trading, Alcoa shares were trading at $29.88, down more than 5 percent from Monday’s official closing price of $31.51. (Reporting by Nick Carey in Chicago; Editing by Jeffrey Benkoe)