Alcoa Drops After Sales Miss Estimates, Input Costs Rise
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Alcoa Inc., the largest U.S. aluminum producer, fell in New York trading after it reported first-quarter sales that missed analysts’ estimates and said raw-material costs climbed.
Alcoa declined as much as 7 percent, the biggest drop in eight months. The company’s sales increased 22 percent from a year earlier to $5.96 billion, Alcoa said yesterday in a statement. That trailed the $6.06 billion average estimate of eight analysts in a Bloomberg survey.