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Kaiser Aluminum Corporation Announces First Quarter 2025 Earnings Release, Conference Call, and Change in Inventory Accounting Methodology
FRANKLIN, Tenn.--(BUSINESS WIRE)-- Kaiser Aluminum Corporation (NASDAQ: KALU) (“Kaiser” or the “Company”) today announced that it plans to release its first
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":" FRANKLIN, Tenn.--(BUSINESS WIRE)--\nKaiser Aluminum Corporation (NASDAQ: KALU) (“Kaiser” or the “Company”) today announced that it plans to release its first quarter 2025 financial and operating results on Wednesday, April 23, 2025, after the market closes. The Company will host its quarterly conference call on Thursday, April 24, 2025, at 10:00 a.m. Eastern Time.\n\nThe conference call can be directly accessed from the U.S. and Canada at (877) 423-9813 and accessed internationally at (201) 689-8573. The conference call ID number is 13752771. A live webcast and related presentation slides will be available through the Investors portion of the Company's website at https://investors.kaiseraluminum.com. An audio archive will be available on the Company’s website following the call.\n\nIn addition, the Company announced that it has changed its method of accounting for inventories from last-in, first-out (“LIFO”) to weighted average cost (“WAC”) effective January 1, 2025. The Company believes that this change improves the comparability of the Company's operational results between periods by removing LIFO income or charge in a period resulting from LIFO valuation and changes to historical LIFO layers. Additionally, the Company believes that the new methodology better reflects the physical flow of goods and simplifies the financial close process by utilizing the WAC methodology for all internal and external reporting purposes.\n\nThe inventory accounting methodology change resulted in an increase to Inventory and Retained earnings (net of tax) of $46.8 million and $35.6 million, respectively, both as of January 1, 2023. Financial statements for the full year 2023 and the quarters and full year 2024 were adjusted to reflect the impact of the methodology change as follows:\n\n\n\n \n\n\n\n \n\n\n\nAs Previously\nReported\n\n\n\n \n\n\n\nEffect of WAC\nChange\n\n\n\n \n\n\n\nAs Adjusted\n(unaudited)\n\n\n\n \n\n\n\n\n\n \n\n\n\n \n\n\n\n(In millions of dollars, except per share amounts)\n\n\n\n \n\n\n\n\n\nStatements of Consolidated Income (Loss) for the year ended December 31, 2023\n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n \n\n\n\n\n\nCost of products sold, excluding depreciation and amortization\n\n\n\n \n\n\n\n$\n\n\n\n2,754.9\n\n\n\n \n\n\n\n$\n\n\n\n(26.7\n\n\n\n)\n\n\n\n$\n\n\n\n2,728.2\n\n\n\n \n\n\n\n\n\nOpera...