Alcoa’s Sales Miss Shows U.S. Recovery Isn’t ‘Robust’

Alcoa Inc., the largest U.S. aluminum producer, reported lower-than-expected first-quarter sales that show the nation’s recovery from the worst recession since the 1930s still isn’t robust, investors and analysts said.

Alcoa, an economic bellwether whose products are used in everything from soda cans to Boeing Co. jet planes, yesterday reported quarterly sales of $4.89 billion, missing the $5.23 billion average estimate of eight analysts surveyed by Bloomberg. The shares fell 1.9 percent in New York.

Quarterly revenue gained 18 percent yet failed to keep pace with the 57 percent gain in aluminum prices from a year earlier as Alcoa made fewer sales of the metal for beverage cans, industrial gas turbines, and construction of commercial buildings. Alcoa Chief Executive Officer Klaus Kleinfeld said the U.S. economy will “improve slightly” this year.

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- Posted: 2010-04-13 10:07:48

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