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Alcloa Inc. (NYSE: AA) reported its third quarter earnings last night following the market close, and the stock is looking to open flat to slightly higher this morning. The stock is currently trading 0.1% higher this morning in the premarket, picking up $.03 to $39.75.

The company was expected to show earnings of 65 cents per share, but fell short of expectations with a reported 63 cents a share. The company was able to post a profit rise of 3 percent from last year, mainly spurred by the sale of its holdings in Chinese largest aluminum producer, Aluminum Corporation of China Ltd. (also known as Chalco), for which it received $2 billion. Not too bad considering the initial investment in the company was only 200 million, made in 2001.

The company also announced that its board of directors had approved a buy back plan of 25 percent of the company’s outstanding shares, working out to about 217 million shares.

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