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Alcoa kicked off the first quarter earnings season delivering a bottom-line beat on the back of solid demand from the aerospace and auto markets.

The self-proclaimed leading aluminum producer saw adjusted net income nearly double to $121 million in the first quarter.  At 11 cents per share, Alcoa’s earnings topped wall street’s consensus expectations, which called for 8 cents per share.

Revenues slid to $5.83 billion in the quarter, down from $6 billion a year ago and just shy of the $5.86 billion estimate.  Adjusted EBITDA, a measure of cash flow, gained 15.6% to $690 million.  The company highlighted productivity improvements and higher volumes in their downstream business, partially offset by higher pension and maintenance costs.

“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,” said Klaus Kleinfeld, Alcoa Chairman and Chief Executive Officer. “Our mid and downstream businesses now account for 72 percent of our total after-tax operating income while our upstream business continues to move down the cost curve. We achieved these results by focusing on the things we can control and by pressing Alcoa’s innovation edge, scale, and strength in end markets.”

Alcoa’s management forecasts 2013 global aluminum demand will grow 7%, while the market will slightly tighten as supply contracts.