Alcoa's first-quarter loss widens on lower prices, higher costs
By Ben Glickman
Alcoa (AA) posted a wider loss in the first quarter after lower aluminum prices and higher production costs dented results.
The Pittsburgh-based aluminum producer reported a loss of $252 million, or $1.41 a share, in the quarter ended, compared with a loss of $231 million, or $1.30 a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 54 cents.
Stripping out certain one-time items, the company had an adjusted per-share loss of 81 cents, wider than the 64-cent loss forecast by analysts, according to FactSet.
Revenue fell 2.7% to $2.6 billion, beating the $2.55 billion expected by analysts polled by FactSet.
Alcoa said its results reflected lower average pricing for aluminum and elevated production costs. Results also included a $197 million charge related to curtailing the company's Kwinana refinery.
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
04-17-24 1834ET
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks