Shares in Alcoa Inc. fall in spite of strong first quarter earnings

Shares in Alcoa Inc. fall in spite of strong first quarter earnings

Investing.com - Investing.com -- Shares in Alcoa (NYSE:AA), Inc. fell more than 3% in after-hours trading after the aluminum giant slightly failed to reach projections with its first quarter earnings that were released on Wednesday.

Alcoa, the world's third-largest producer of aluminum, posted quarterly revenues of $5.82 billion, just below a $5.94 billion projection from analysts surveyed by Fact Sheet.

Bolstered by growth in its aerospace and automotive divisions, Alcoa increased its first quarter revenues by 7% on a year-over-year basis. The New York-based company which was founded in Pittsburgh in 1888, also reported net income of $195 million or 0.14 a share.

Alcoa attributed the earnings to the completion of a $204 million acquisition of TITAL, which it expects will expand the company's sale of titanium and aluminum structural castings for aerospace in Europe, as well as its plans to acquire RTI International Metals, which it says will further grow titanium offerings.

'First quarter results show our transformation is moving at ongoing high speed and is fully on course,' said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. 'We are organically and inorganically broadening our innovative, multi-material value-add businesses, bringing new capabilities and materials to our aerospace and automotive offerings, and taking swift action in the upstream, making it more competitive. We are pulling on all levers to create sustainable shareholder value.'

Shares in Alcoa in after-hours trading dropped 0.44 or 3.15% to 13.24.

Aluminum prices on the London Metal Exchange averaged around $1,800 per ton in the first quarter, up from approximately $1,700 a ton over the first three months of 2014.

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