NEW YORK CITY (dpa-AFX) - Alcoa Inc. (AA), the largest producer of aluminum in the US, Wednesday posted a loss for the first quarter, reflecting largely drop in revenues as well as one-time charges related to two smelters in Spain.
New York-based Alcoa reported first-quarter net loss of $199 million or $1.07 per share, compared with a profit of $195 million or $1.04 per share last year.
The first-quarter results include the impact of $156 million for special items, stemming primarily from a collective dismissal process at two smelters in Spain.
Adjusted loss for the quarter were $0.23 per share, compared with earnings of $1.01 per share last year. On average, 11 analysts polled by Thomson Reuters expected earnings of $0.11 per share.
Sales for the quarter dropped to $2.72 billion from $3.09 billion last year. Analysts had a consensus revenue estimate of $2.81 billion.
Aluminum shipments dropped to 709,000 metric tons from to 794,000 metric tons last year, while alumina shipments rose to 2.33 million metric tons from 2.38 million metric tons last year.
CEO Roy Harvey said, 'We improved our operations in the first quarter, even as alumina and aluminum prices weakened. Our Bauxite and Alumina segments increased their production rates, and we took steps last quarter to restructure our Aluminum portfolio.'
Looking forward to 2019, Alcoa projects bauxite shipments to range between 47.0 and 48.0 million dry metric tons. Total alumina shipments are expected to be between 13.6 and 13.7 million metric tons with anticipated operational improvements and higher year-on-year production. Aluminum is expected to ship between 2.8 and 2.9 million metric tons.
For 2019, Alcoa projects a global aluminum deficit ranging between 1.5 million and 1.9 million metric tons, down from last quarter's full-year estimate of between 1.7 million and 2.1 million metric tons.
AA closed Wednesday's trading at $27.72, on the NYSE. The stock slipped $0.52 or 1.88% in the after-hours trade.
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