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.-
4 New Stocks to Buy With Catalysts for Future Gains
-
Markets Brief: Q2 Earnings Season Begins With the Banks
-
Six Sports Betting and iGaming Stocks Trading at a Discount
-
4 Predictions for Stocks and the Economy for the Second Half of 2024
-
What Broadening Rally? AI Stocks Dominate Again In Q2
-
After Earnings, Is Nike Stock a Buy, a Sell, or Fairly Valued?
-
Worst-Performing Stock ETFs of the Quarter
-
Top-Performing Stock ETFs of the Quarter
-
The 10 Best Dividend Stocks
-
3 Smaller-Company Stocks the Best Fund Managers Are Buying
-
SolarEdge Stock Is Down 74% In 2024. Is It a Buy or a Sell?
-
Industrials: Sector Offers Investment Opportunities as Performance Lags Broader Market
-
Consumer Defensives: Even Amid Macro Pressures, Deals Permeate the Landscape
-
33 Undervalued Stocks
-
Utilities: Can the Stocks Keep the Rally Going?
-
Basic Materials: Following Index Decline, We See Many Long-Term Opportunities