US earnings season got off to a bumpy start, after Alcoa revealed a dip in revenues for its first quarter of 2016 today.
The metal manufacturer announced that revenue had dropped to $4.9bn (£3.4bn) for the three months ended March 2016, down 15 per cent from $5.8bn the year before.
The company also reported income for its first quarter of the year of $16m, although highlighted that it had incurred numerous exceptional costs, such as a $63m bill related to restructuring, during the period.
"Each of our segments delivered strong performance," said Klaus Kleinfeld, chairman and chief executive of Alcoa. "Profits grew in all of the Arconic segments, led by automotive and aerospace; Upstream segments maintained profitability in a persistently low pricing environment. Productivity was high across the portfolio and we divested non-essential assets to strengthen the balance sheet."
The company blamed the drop in revenue, which was boosted a little bit by acquisitions, on continued low pricing of aluminium and unfavourable foreign exchange movements.
Shares in the company dropped 2.7 per cent in after hours trading to $9.47.