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Alcoa Slips on Mixed Earnings Report (Update 1)

Updated from 4:19 p.m. ET with updated after hours action

NEW YORK ( TheStreet) -- Shares of Alcoa (AA - Get Report) were fluctuating Monday in after-hours trades after the aluminum producer missed on revenue, but beat expectations on earnings.

Shares of the New York-based company were losing 1.3% to $8.26, after initially peaking above the flatline.

The company said revenue fell to $5.83 billion, from $6.01 billion a year ago, which missed the $5.88 billion an average of analysts polled by Thomson Reuters were expecting. Alcoa reported earnings rose to 11 cents ex-items, from 10 cents a share the same time last year, which was better than the 8 cents a share analysts were looking for.

"This was a strong quarter led by record profitability in our downstream business, improved results in our midstream business, and remarkable upstream performance in the face of weak metal prices," Klaus Kleinfeld, CEO of Alcoa, said in a statement.

-- Written by Joe Deaux in New York.

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