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Alcoa Shares Dip After Earnings Report

Alcoa shares were down 2.9% at $14.20 in premarket trading Tuesday.
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NEW YORK (TheStreet) -- Alcoa (AA) - Get Alcoa Corporation Report shares were down 2.9% at $14.20 in premarket trading Tuesday following a lackluster first-quarter earnings report.

For the first quarter, Alcoa posted a loss of $201 million, or 20 cents a share, including restructuring charges connected with the closure of two smelters. Stripping out the charges, earnings in the quarter were 10 cents a share, even with consensus estimates.

Alcoa, which traditionally kicks off the quarterly earnings season, reported a loss of $497 million, or 59 cents a share, in the year-ago period.

The aluminum maker indicated it was seeing continued pressure on its downstream business.

-- Reported by Andrea Tse in New York


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