Alcoa posts loss on smelter, mill shutdowns
Alcoa Inc. lost $178 million in the first quarter and revenue was disappointing, but profit beat expectations after excluding charges to idle capacity at aluminum smelters and mills.
The company said Tuesday that without the write-downs it would have earned 9 cents per share on revenue of $5.45 billion.
FactSet says that analysts were expecting the company to earn 5 cents per share after items, and revenue of $5.57 billion.
Alcoa is being hurt by stubbornly low aluminum prices and is trying to shift away from smelting and more into selling finished products for use in building aircraft, cars and other goods.
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