The aluminum producer reported second-quarter per-share profit of 19 cents on $5.9 billion in revenue.
Wall Street expected Alcoa to post earnings per share of 22 cents on $5.81 billion in revenue, according to consensus estimates from Thomson Reuters. Alcoa marks the unofficial start of the quarterly earnings season.
Shares of Alcoa were as high as 1.14 percent in extended trading.
The company's CEO, Klaus Kleinfeld, said in an interview Wednesday on CNBC's "Closing Bell" that there is more good news to come. "We've been able to sign new contracts that bring us down the cost curve, bringing us energy that's cheaper," he said.
Last week, the aluminum maker announced that it would close its Pocos de Caldas smelter in Brazil, which has a capacity below 100,000 tons per year.
"At the same time the thing that gets us equally excited, if not more, is the growth we are creating in really nicely growing markets like the aerospace market and the automotive market," Kleinfeld said.
Alcoa reported revenue was up 1 percent from a year earlier due to growth in aerospace, automotive and alumina, combined with acquisitions.