Alcoa Inc (NYSE:AA) kicked off first quarter earnings season after closing bell tonight, posting adjusted earnings of 28 cents per share on $5.8 billion in revenue, a 7% year over year increase. Analysts had been expecting earnings of 26 cents per share on $5.94 billion in revenue. In last year’s first quarter, Alcoa reported adjusted earnings of 9 cents per share and $5.5 billion in revenue.

Key metrics from Alcoa’s earnings report

Net income was 14 cents per share or $195 million, including restructuring expenses of $158 million. In the same quarter a year ago, Alcoa posted net losses of 16 cents per share or $178 million.

Alcoa Inc said the main driver of the first quarter’s revenue growth was increases in its aerospace and automotive segments. The aluminum manufacturer saw $191 million in operating income for its Engineered products and Solutions segment, a 1% increase.

Operating income for its Global Rolled Products division fell to $34 million in the quarter. Adjusted EBITDA per metric ton for the segment fell from $315 in last year’s first quarter to $280 per metric ton in the first quarter of 2015.

Alcoa Inc's Alumina division saw its operating income increase sequentially from $178 million to $221 million. Adjusted EBITDA per metric ton was $102. The company’s Primary Metals division saw its operating income decline to $187 million sequentially but increase year over year. Adjusted EBITDA per metric ton for the segment fell sequentially by $130 to $499 per metric ton.

Alcoa provides guidance

Alcoa Inc management also raised their final 2014 global aluminum demand growth rate to 9% from 7% previously, bringing the total to 54 million metric tons. They continue to expect about 3.5 million metric tons of new demand growth this year, which would represent a 6.5% growth rate to a new record of 57.5 million metric tons of aluminum.

The company expects a growth rate of between 9% and 10% in global aerospace sales and an increase of 2% to 4% in global automotive production. Alcoa projects a 5% to 7% increase in sales for the commercial building and construction segment.