Alcoa hurt by weak aluminum prices

Alcoa Inc. said its first-quarter earnings fell 92% as growth at businesses the metals maker plans to spin off later this year wasn't enough to offset continued weak prices in its raw-aluminum segment.

The company also lowered its 2016 outlook for the aerospace market, now projecting growth of 6% to 8%, compared with its previous estimate of 8% to 9%.

For 2016, Alcoa projects a global aluminum deficit of roughly 1.1 million metric tons as 5% growth in global aluminum demand offsets an expected 2% increase in global aluminum supply. The company previously had expected global aluminum demand to increase 6% and aluminum supply growth of 3%.

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