Business
Kaiser Aluminum Corporation Reports First Quarter 2020 Financial Results
First Quarter 2020: Net Sales $369 Million; Value Added Revenue $217 Million, Down 1% Year-over-YearNet Income $29 Million; Net Income per Diluted Share
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"First Quarter 2020:\n Net Sales $369 Million; Value Added Revenue $217 Million, Down 1% Year-over-YearNet Income $29 Million; Net Income per Diluted Share $1.81Adjusted Net Income $30 Million; Adjusted Earnings per Diluted Share $1.90Record Adjusted EBITDA $59 Million; Record Adjusted EBITDA Margin 27.4% Current Situation and Strategy: Health and Safety of Our Employees is Our Top PriorityIncluded in the Critical Manufacturing Sector and Recognized as an Essential BusinessAll Facilities Continue to Operate, Following CDC Guidelines and ProtocolsSolid Financial Position - Total Liquidity $688 Million, 0.7x Net Debt to Adjusted EBITDAAble to Flex Highly Variable Conversion Costs and Capital SpendingFocused on Successful Execution of Our Longstanding Business Cycle Strategy FOOTHILL RANCH, Calif., April 20, 2020 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU), a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, custom automotive, general engineering, and other industrial applications, today announced first quarter 2020 results. \"While our quarterly comments would ordinarily concentrate on our first quarter 2020 results, which continued to demonstrate strong demand for our products during the quarter, at this time we are focused on the health and safety of our employees and ensuring our actions are consistent with our longstanding business cycle strategy,” said Jack A. Hockema, Chairman and Chief Executive Officer. Business Cycle Strategy and Response to COVID-19 Pandemic “We do not know how long the pandemic will last, what implications it will have on our business or what type of economic recovery we will experience as we look forward. However, we do know that for more than a decade, our business cycle strategy has served us well through a wide range of economic cycles - including the Great Recession in 2009 - and has prepared us to address the challenges and potential opportunities presented by the COVID-19 pandemic,” said Mr. Hockema. The Company’s longstanding business cycle strategy has consistently focused on being well prepared for unexpected economic adversity. The approach and execution of this strategy depends on several critical components including: a strong liquidity position to weather a variety ...