Alcoa Misses Wall St 1Q Revenue Target, Drops in After-Hours Trade (AA)

Aluminum-maker Alcoa Inc AA reported first-quarter revenues that missed Wall Street estimates Monday, and shares are sinking in after-hours trade. Revenue for the quarter came in at $5.96 billion, but it was below the Wall Street target of $6.08 billion. The stock is down 3.4% in after-hours trade, to $17.17. Chairman and CEO Klaus Kleinfeld remained optimistic for the company's long-term prospects. "Our outlook for the rest of 2011 and beyond remains very positive due to the world's growing population (and) increasing urbanization," he said in a statement released with earnings. Alcoa Inc. is engaged in the production and management of aluminum, fabricated aluminum, and alumina combined, through its participation in mining, refining, smelting, fabricating, and recycling. Income, excluding special items, came in at 28 cents a share, which beats analysts' expectation of 27 cents a share, according to Thomson Reuters I/B/E/S. According to a Reuters report, "Alcoa said the improvement was driven by higher realized prices for aluminum and its raw material, alumina. There was growing demand for aluminum products in major end markets such as packaging, automotive, transportation and industrial products." Despite some choppy trade, Aloca stock is up year-to-date, having started under $15.50.