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.

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04-17-24 1834ET

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