The metals maker posted second-quarter earnings of 19 cents per share on $5.90 billion in revenue.
Wall Street expected Alcoa to deliver quarterly 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 up as high as 1.14 percent in extended trading.
Alcoa CEO Klaus Kleinfeld said that there is more good news to come, in an interview on CNBC's " Closing Bell " Wednesday. "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.
The company reported that revenue was up 1 percent from the year earlier period due to growth in aerospace, automotive and alumina, combined with acquisitions.
Alcoa projects steady growth this year across the majority of its end markets. In aerospace, the company expects global sales growth of 8 to 9 percent in 2015. The forecast was shifted one point due to a slower ramp up in the A350 and Bombardier C Series.
However, the company is lowering its projection for the year in the heavy duty truck and trailer market to a decline of 4 to 6 percent, from a decline of 2 to 4 percent, due to slower economic growth in Brazil and China.
"China is going from a high growth economy to a medium-high growth economy," Kleinfeld said. "At the same time for Alcoa, the most important thing is we have to do the things that we control, I cannot control what China is doing but I can control what we are doing and that's our strategy."
U.S. corporate profits are expected to have fallen 3.1 percent in the second quarter, according to Thomson Reuters estimates data.
Metal commodities have been hit hard by high energy costs and semi-fabricated products from China. This has pushed many aluminum producers to cut capacity or shut down completely as London Metal Exchange prices and falling physical premiums show no signs of improving.
Shares of Alcoa have dropped 33 percent to date this year.
-Reuters contributed to this report.