Alcoa Q1 EPS Misses, Shares Drop 5%

Alcoa reported Q1 adjusted EPS of $1.40, missing estimates of $1.47, and revenue $3.19bn versus $3.3bn consensus.
Alumina shipments fell 31% sequentially and aluminum shipments down 8% due to inventory repositioning and external delays.
Adjusted EBITDA rose to $595m, shares fell 5.3%, and the company plans to redeem $219m senior notes in May.
For Q2, Alcoa expects $55m benefit from inventory and smelter restart, but $35m higher Section 232 tariff costs.