Alcoa Slumps as Jets-to-Metals Slowdown Dims Earnings Prospects
- First-quarter net income fell 92 percent to $16 million
- Metal consumption now seen climbing 5%, down from 6% forecast
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Alcoa Inc. fell the most in three weeks after cutting projections for its largest manufacturing unit on slowing demand for metal parts.
As the biggest U.S. aluminum producer prepares to split itself in two, it’s contending with lower prices and margins, with Chinese demand for commodities slowing and one of its main customers, Boeing Co., halving production of its biggest jet. The stock fell 5 percent to $9.25 at 10:32 a.m. in New York after the release of quarterly results late Monday.