Aluminum Co. of America announced that first-quarter...

Aluminum Co. of America announced that first-quarter earnings dropped more than 21%, largely because of lower prices.

Alcoa said its earnings were $76 million, or 89 cents per share, and included $8 million from the sale of investments in Venezuela. The company earned $97 million, or $1.14 per share, in the first quarter of 1991.

Alcoa said the earnings decline reflected lower prices for alumina, ingot and most fabricated products.