NEW YORK, April 8 (Xinhua) -- Alcoa Inc. reported its first- quarter earnings after Monday's trading, which showed it earned more profits than analysts estimated but its sales were under expectations.
The company's net income reached 149 million U.S. dollars, or 13 cents a share, soaring from 94 million dollars, or 9 cents a share, of the same time period of a year ago, according to a statement.
However, its sales fell to 5.83 billion dollars from 6.01 billion dollars and lower than market expectations.
Alcoa said in the statement that the revenue slowdown was the result of a decline in aluminum prices and its decision to downsize its production in Europe.
"This was a strong quarter led by record profitability in our downstream business, improved results in our midstream business, and remarkable upstream performance in the face of weak metal prices," said Klaus Kleinfeld, CEO of Alcoa.
Alcoa is the largest aluminum producer in the U.S. and traditionally the first Dow Jones Industrial Average Index component company to start a new earnings season.
Shares of Alcoa rose 1.82 percent to settle at 8.39 dollars, but it turned negative in after-hours trading. U.S. stocks closed slightly higher on Monday, with the Dow up 0.33 percent to 14,613. 48, as investors were cautious ahead of the new earnings season.