NEW YORK ( TheStreet) -- Alcoa ( AA) shares dipped in after-hours trading Monday in the wake of a fourth-quarter report that, at least on the surface, may have left some investors wanting.

Shares of aluminum giant Alcoa were changing hands at $16.21 at about 5 p.m. EDT Monday, down 1.6% from the regular session close. The stock closed at $16.49 in official trading Monday.

The company surpassed expectations by a penny or two, depending on which survey of Wall Street analysts you looked at. Excluding a special gain of 3 cents per share, Alcoa posted EPS of 21 cents for the fourth quarter.

Revenue came to $5.65 billion, barely missing the consensus target of $5.68 billion, according to the Thomson Reuters survey.

Investors were also looking closely at Alcoa's 2011 forecast for aluminum demand. Word on the street was that a Friday announcement by Alcoa to fire up three idled smelters in the U.S. was a signal that the company would be bullish with its demand predictions.

In his prepared statement, Alcoa CEO Klaus Kleinfeld appeared to follow through on that assumption, calling for aluminum demand to increase by 12% in 2011 after growing by 13% in 2010.

-- Written by Scott Eden in New York

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