Alcoa Corp (NYSE:AA) shares are trading lower Thursday after the company announced worse-than-expected top-line results.
Alcoa reported first-quarter revenue of $3.29 billion, which came in below the $3.44 billion estimate, according to data from Benzinga Pro. The company reported quarterly earnings of $3.06 per share, which beat the estimate of $2.97 per share.
Alcoa lowered its expected bauxite shipments in 2022 by 2 million dry metric tons to a range of 46 million to 47 million dry metric tons. The company expects total alumina and aluminum shipments to remain unchanged.
Alcoa expects both alumina and aluminum realized third-party prices to be higher than the first quarter, with that benefit partly offset by approximately $115 million of higher energy and raw materials costs.
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AA 52-Week Range: $30.99 - $98.09
The stock was down 9.62% at $78.57 at press time.
Photo: courtesy of Alcoa.
