Alcoa reported a 23% decline in first-quarter profit as aluminum and alumina shipments dropped, with the company warning that the Iran conflict could reduce adjusted earnings by $15 million. The Pittsburgh-based aluminum producer posted profit of $425 million, or $1.60 per share, down from $548 million, or $2.07 per share, a year earlier.

Stripping out one-time items, adjusted earnings of $1.40 per share missed analyst expectations of $1.53. Revenue declined 5% to $3.19 billion, falling short of the $3.28 billion forecast by analysts surveyed by FactSet. The company attributed the shipment declines to market conditions affecting both its aluminum and alumina businesses.

The results reflect ongoing challenges in the aluminum sector, where pricing pressures and supply chain disruptions continue to impact major producers. Alcoa's performance underscores the volatility facing industrial metals companies amid geopolitical tensions and fluctuating demand.