NEW YORK (CNN/Money) - Alcoa Inc. kicked off second-quarter earnings reports Monday by posting sharply lower results that missed Wall Street expectations.

The world's largest aluminum maker, the first major company to report results for the period ended in June, earned $232 million, or 27 cents a share, down from $421 million, or 48 cents a share, excluding special charges, in the year-earlier period. Analysts surveyed by earnings tracker First Call expected 28 cents a share.

Revenue fell to $5.25 billion from $5.99 billion.

Still, revenue was up from the $4.98 billion it posted in the first quarter, marking the first sequential increase in quarterly revenue in six periods. The company cited strength in the automotive, commercial transportation, and industrial products markets.

"If economic trends solidify, we should continue to see improving profitability over the second half of the year, even at current aluminum prices," CEO Alain Belda said.

First Call's forecast calls for third-quarter earnings per share of 37 cents, down from 39 cents a year earlier, and fourth-quarter EPS of 47 cents, up from 11 cents a year ago. The company did not give any specific future EPS guidance.