Struggling US aluminium maker Alcoa has posted a narrower first-quarter loss, as revenues rose and metal prices surged. The company reported a net loss of $201m, or 20 cents per share which compares favourably with a loss of $497m, or 61 cents a share, for the same period a year ago.
But Alcoa said it took special and restructuring charges of $295m, or 29 cents per share. Excluding these exceptional charges, Alcoa would have had earnings per share of nine cents, just below the 10 cents expected by several Wall Street analysts, explains news agency AFP.
"Our performance continued to improve in the first quarter thanks to higher realised prices and strong operational results,” said Klaus Kleinfeld, Alcoa president and chief executive, according to AFP. “Our markets are gradually improving and both policy trends and consumer sentiment bode well for aluminium demand,” he added.
Its revenue in the quarter rose 18 percent to $4.89bn from a year earlier. Analysts polled by Thomson Reuters, barring special charges, expected earnings of 10 cents a share and revenue of $5.24bn.
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