Stock Track | Alcoa Plunges 5.10% in Pre-Market Following Q1 Earnings and Revenue Miss

Stock Track
Apr 17

Alcoa's stock experienced a significant pre-market plunge of 5.10% on Friday, as the aluminum producer's latest financial results disappointed investors.

The sharp decline comes after the company reported first-quarter adjusted earnings of $1.40 per share, falling short of analyst estimates of approximately $1.49 to $1.53. Revenue for the quarter was $3.19 billion, also missing expectations of around $3.28 billion to $3.30 billion. The company cited elevated costs and softening demand as key factors behind the earnings miss, while also noting that the conflict in Iran has disrupted shipping through the Strait of Hormuz, affecting its operations.

Adding to the negative sentiment, Jefferies cut its price target on Alcoa to $82 from $85. The company's performance marked a break from its recent streak, missing adjusted earnings per share estimates after seven consecutive quarters of beats.

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