Alcoa Inc (NYSE:AA) released the earnings results from its most recently completed quarter after closing bell today. The company posted earnings of 9 cents per share or $98 million, excluding items, on revenue of $5.5 billion. Alcoa reported a net loss of $178 million or 16 cents per share, including a number of special items.

Alcoa

Comparing Alcoa’s results with last year

In the previous quarter, the company reported net losses of $2.3 billion or $2.19 a share. Non-GAAP results for the previous quarter were $40 million or 4 cents per share. In the same quarter a year ago, Alcoa Inc (NYSE:AA) reported net come of $149 million or 13 cents per share. Excluding items, earnings were 11 cents per share or $121 million in the first quarter of last year. At that time though, realized aluminum prices per metric ton were $193 higher, according to Alcoa

Analysts had been expecting the aluminum maker to report earnings of 5 cents per share on revenue of $5.56 billion for the quarter.

Alcoa Inc (NYSE:AA) reported that realized aluminum prices declined 8% year over year. The company reported that the $276 million in special items from the quarter included

Examining Alcoa’s divisions

The company also said it posted record first quarter after-tax operating income for its Engineered Products and Solutions division. That number rose 9% year over year. Alcoa reported that its value-add businesses drove 76% of its segment profits during the quarter.

The aluminum maker reported that the profitability of its Global Rolled Products division almost tripled quarter over quarter. Also its upstream segments posted an improvement in performance for the tenth quarter in a row. In addition, Alcoa Inc (NYSE:AA)’s Alumina division posted the best quarterly after-tax operating income since 2011, with a 59% increase year over year.

Alcoa highlights “portfolio transformation”

Alcoa Inc (NYSE:AA) also provided updates on its plans to transform its product portfolio. The company said it commissioned a $300 million automotive expansion in Davenport, Iowa. In addition, Alcoa is investing to double production of its Dura-Bright wheels in Hungary and investing $40 million in a “high-value specialty packaging facility” in Brazil.

The company plans to close its Australian can sheet rolling mills permanently by the end of the year and has reduced its operating smelting capacity by 28% or 1.2 million metric tons since 2007.

Alcoa looks ahead

Alcoa Inc (NYSE:AA) said it is increasing its expectations for global aerospace growth by one percentage point because of strong demand for aircraft and jets. It also projects growth in the automotive, packaging, and building and construction industries. The aluminum maker expects the commercial transportation market to remain steadily and the industrial gas turbine market to decline by between 8% and 12%. Alcoa projects 7% global growth in aluminum demand.