Revenues were down 34.3% compared to the same period last year, but still came in above analyst estimates. Actual revenues were $4.6 billion during the quarter, compared with estimates for $4.55 billion.

Following the surprising profit during the quarter, traders have pushed shares up over 6% in after hours trading.

The company has been struggling as aluminum demand started to fall along with the overall global economy last year, but looking ahead Alcoa stated that it expects to see global aluminum demand rise by 11% during the second half of 2009.

An increase in demand will definitely boost the company, which has been improving mostly as a result of cost cutting, and not a result of an improving top line. In the 12 months leading up to June, the company cut 18,000 jobs, and in March the company announced it would be cutting $2.4 billion in costs related to raw materials and transportation.

All of the cost cutting should really work in the company's favor as the economy rebounds, and Alcoa reports that they are already seeing improvements. The company points to lower inventories at distributors and rising shipments.

So things are definitely still well below their levels from last year, but showing signs of improvement headed forward.

Today's report officially kicks off the earnings season as Alcoa is the first of the DOW 30 companies to report its quarterly numbers, and could indicate that we will be seeing some good earnings in the weeks to come.