Alcoa (AA) +2.5% AH after Q1 earnings manage to top Wall Street's modest expectations; adjusted EPS of $0.09 topped estimates but fell short of $0.11 in the year-ago quarter on revenue of $5.45B, below last year's $5.83B.
AA's engineered products and solutions unit, which makes fasteners, truck wheels and parts for jet engines, posted a 9% Y/Y increase in operating income to $189M due to higher volumes for aerospace and commercial transportation.
The primary metals division, which makes raw aluminum, reported an operating loss of $15M vs. a $39M profit a year earlier.
Sees 8%-9% growth in the global aerospace sector, up from its earlier 7%-8% target, on strong demand for both large commercial aircraft and regional jets, as well as the business jet market.
Continues to project 7% global aluminum demand growth in 2014.