Business
Kaiser Aluminum Corporation Announces Date of Fourth Quarter and Full Year 2022 Earnings Release and Conference Call and Changes to Presentation of Non-GAAP Financial Measures
Fourth quarter and full year 2022 financial and operating results to be released after market close on February 22, 2023Conference call to discuss financial
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Fourth quarter and full year 2022 financial and operating results to be released after market close on February 22, 2023Conference call to discuss financial and operating results to begin at 10:00 a.m. (Central Time) on February 23, 2023Renaming value added revenue (“VAR”) to “Conversion Revenue” and updating calculation of Hedged Cost of Alloyed Metal, effective January 1, 2022Revising presentation of Adjusted EBITDA to discontinue use of “Adjustments to plant-level LIFO” and the consequential impact on certain other non-GAAP measuresReaffirming fourth quarter 2022 outlook for Adjusted EBITDA provided on November 17, 2022 under new and prior presentation FRANKLIN, Tenn., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ: KALU) (the “Company”), a leading producer of semi-fabricated specialty aluminum products serving customers worldwide with highly-engineered solutions for aerospace and high-strength (“Aero/HS products”), aluminum beverage and food packaging (“Packaging”), general engineering (“GE products”), custom automotive (“Automotive Extrusions”) and other industrial (“Other Products”) applications, today announced that it plans to release its fourth quarter and full year 2022 financial and operating results on Wednesday, February 22, 2023, after the market closes. The Company will host its quarterly conference call to discuss financial and operating results on Thursday, February 23, 2023, at 10:00 a.m. (Central Time). In addition, the Company announced changes to the presentation of its reported non-GAAP financial measures, beginning with the year ended December 31, 2022, as described below. Such announcement is being made to provide investors with an opportunity to become familiar with the expected impact of these changes to the Company's financial results and the presentation thereof prior to the Company's earnings release for the fourth quarter and full year 2022.Change from VAR to Conversion Revenue The Company has determined that it will rename its previously used non-GAAP financial measure, “value added revenue” or “VAR”, to “Conversion Revenue”. The change is based on discussions with staff (the “Staff”) of the Securities and Exchange Commission (the “SEC”) pertaining to comment letters received during 2022 and is intended to more clearly characterize the metric as a subcomponent of revenue. Sep...