By Connor Hart

Alcoa said it incurred about $20 million in costs related to tariffs on imports of aluminum from Canada in the first quarter, a charge that is expected to increase to $90 million in the current quarter.

The aluminum producer said Wednesday it actively engaged with the U.S. administration and policy makers during the recent quarter to discuss the effects tariffs would have on global trade flows. A 25% tariff on global imports of steel and aluminum, which went into effect last month, may result in fewer industry jobs and cost the company tens of millions of dollars, executives previously said.

Still, Alcoa swung to a profit and logged higher revenue for the quarter, boosted by higher volumes and prices.

"A positive aluminum market led to stronger results for the first quarter," Chief Executive William Oplinger said, though he noted the company is operating amidst economic uncertainty.

Shares rise 1.7%, to $25.50, in after-hours trading. Through Wednesday's close the stock has lost nearly 30% of its value in the past year.

Alcoa notched a profit of $548 million, or $2.07 cents a share in the quarter, compared with a loss of $252 million, or $1.41 a share, a year earlier.

Adjusted per-share earnings came in at $2.15, topping the $1.68 that analysts surveyed by FactSet expected.

Revenue jumped 30% to $3.37 billion but missed the $3.42 billion that analysts modeled.

Looking ahead, Alcoa backed its 2025 forecast. The company expects its alumina segment to produce 9.5 million to 9.7 million metric tons, and to ship 13.1 million to 13.3 million metric tons. Its aluminum segment is forecast to produce 2.3 million to 2.5 million metric tons, and to ship 2.6 million to 2.8 million metric tons.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

April 16, 2025 16:40 ET (20:40 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.