Alcoa Holds Shareholders Meeting Soon After Reporting 1Q Profit

Aluminum producer Alcoa Inc. will hold its shareholders meeting Friday, on the heels of last week's first-quarter report that showed a 9 percent jump in profit.  Record aerospace industry demand and higher metal prices helped lift Alcoa, which kicked off earnings season as the first of the Dow Jones Industrials to report earnings this quarter. Revenue also jumped 11 percent, helped by higher metal prices and sales to the aerospace, industrial product, and building and construction markets.

Earlier this week, however, a thunderstorm knocked out power to Alcoa's aluminum smelter in eastern Tennessee, which one company spokeswoman said may result in a months-long outage.  anc of America Securities analyst Kuni M. Chen lowered estimates for the second quarter, expecting the outage to impact the company's cansheet rolling operations at the facility.  "Based on our experience, the restart of the potline could take three to six months," Chen wrote in a client note. "Recall that Alcan went through a similar experience at its ISAL smelter in Iceland last year, which took three months to restore production."

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