Alcoa has narrower first quarter loss as prices rise

NEW YORK (BestGrowthStock) – Alcoa Inc (AA.N: ) posted a narrower first-quarter loss on Monday as revenue rose and metal selling prices increased, but it took large charges for closing two smelters and for federal health care reforms.

The net first-quarter loss was $201 million, or 20 cents per share, compared with a loss of $497 million, or 61 cents per share, in the same quarter of 2009, the Pittsburgh-based company said.

Alcoa reported an operating loss was 19 cents per share, while revenue rose to $4.89 billion from $4.15 billion. Special charges totaled $295 million or 29 cents per share.

Aluminum, used in automobile and aircraft manufacturing, and for kitchen wrap and beverage cans, reached a peak of $3,380 per ton in July 2008. But it slumped 35 percent later as the global economy went into recession and has only slowly risen.

Although the metal was selling at an 18-month high over $2,400 per ton on Monday, it only gained about 3.3 percent during the first quarter.

(Reporting by Steve James; editing by Andre Grenon)

Alcoa has narrower first quarter loss as prices rise