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Alcoa earnings easily beat Street estimates

Alcoa reported quarterly earnings and revenue that handily beat analysts' expectations on Tuesday.

After the earnings announcement, the company's shares jumped in extended-hours trading. (Click here to get the latest quotes for Alcoa.)

Alcoa reported earnings of 18 cents a share, excluding certain items, on revenue of $5.84 billion. The company also reaffirmed that it expects global aluminum demand to grow 7 percent in 2014.

Analysts had expected the company to report earnings excluding items of 12 cents a share on nearly $5.66 billion in revenue, according to a consensus estimate from Thomson Reuters.

Alcoa CEO Klaus Kleinfeld called the company's performance "fantastic."

An Alcoa aluminum plant in Alcoa, Tennessee
Wade Payne | Reuters
An Alcoa aluminum plant in Alcoa, Tennessee

"It's a strong quarter. Transformation is in high gear," Kleinfeld said in an interview with CNBC on Tuesday, noting that the firm's aerospace sector is a "great growth business."

"There's a nine-year order backlog in the large commercial aircraft. This is a great business and that's why we have invested in it organically," he said.

When asked about the company getting booted from the Dow, Kleinfeld said the event wouldn't influence the firm's business strategy.

"We are continuing on that path. We're building a lightweight, multi-materials innovation powerhouse. At the same time we are increasing the competitiveness of our commodities business. This is what counts and the strategy works," Kleinfeld said.

The aluminum maker announced in late June that it will acquire jet engine component maker Firth Rixson for $2.85 billion, as part of a plan to expand beyond aluminum products. Few of Firth Rixson's components contain aluminum.

Earlier, Kleinfeld stated that the company is interested in moving further into other metals, including nickel, titanium and various alloys. The Pittsburgh-based company is investing more into the manufacturing of high-end and complex parts to protect itself from competition and fluctuating commodity prices.

—By CNBC.com staff

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