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Alcoa (NYSE: AA), New York, NY, reported sales for the first quarter of $5.5 billion, a decrease of 6 percent year-over-year. Alcoa reported a net loss for the quarter of $178 million, compared to a net income of $149 million in the first quarter of 2013. Realized aluminum prices fell 8 percent year-over-year.
Alcoa increased its 2014 global aerospace growth expectation by one percentage point (8 percent to 9 percent, previously 7 percent to 8 percent), on strong demand for both large commercial aircraft and regional jets and continued growth in the business jet market.
Alcoa also continues to project 2014 growth in automotive (1 percent to 4 percent), packaging (2 percent to 3 percent), and building and construction (4 percent to 6 percent). Alcoa expects a steady commercial transportation market (-1 percent to 3 percent) and a decline in the industrial gas turbine market (-8 percent to -12 percent) on lower orders for new gas turbines and spare parts.
Alcoa continues to project 7 percent global aluminum demand growth in 2014.