Business
Kaiser Aluminum Corporation Reports First Quarter 2023 Financial Results
First Quarter 2023 Highlights: Net Sales $808 Million; Conversion Revenue $369 MillionNet Income $16 Million; Net Income per Diluted Share $0.99Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"First Quarter 2023 Highlights: Net Sales $808 Million; Conversion Revenue $369 MillionNet Income $16 Million; Net Income per Diluted Share $0.99Adjusted Net Income $7 Million; Adjusted Income per Diluted Share $0.42Adjusted EBITDA $47 Million; Adjusted EBITDA Margin 12.7%Aerospace Demand Continued to Strengthen; Shipments and Conversion Revenue Exceeded ExpectationsLiquidity Remained Strong at $546 Million as of March 31, 2023 FRANKLIN, Tenn., April 26, 2023 (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, packaging, general engineering, automotive extrusions, and other industrial applications, today announced first quarter results. Management Commentary “Our first quarter results were better than anticipated as a result of our focused execution and continued traction on pricing along with favorable demand trends in certain key markets,” said Keith A. Harvey, President and Chief Executive Officer. “While the demand environment was mixed during the quarter, our performance overall met or exceeded our expectations, led by strengthening aerospace demand and our strong market position to service incremental volumes in this market. While destocking continued in the packaging market, we benefitted from improved pricing and a stabilization of our operations at Warrick following a highly challenging 2022. We remain optimistic on the long-term outlook for packaging given our niche market focus on coated products, the significant investments we are making and the continued secular shift to aluminum. Looking ahead, we remain focused on cost reductions in our operations, improving manufacturing efficiencies and continuing commercial actions to improve our margins.\" First Quarter 2023 Consolidated Results(Unaudited)*(In millions of dollars, except shipments, realized price and per share amounts) Quarterly 1Q23 4Q22 3Q22 2Q22 1Q22 Shipments (millions of lbs.) 299 302 282 335 335 Net sales $808 $776 $749 $954 $949 Less hedged cost of alloyed metal1 (438) (420) (427) (603) (595)Conversion revenue $369 $356 $322 $351 $354 Realized price per pound ($/lb.) Net sales $2.70 $2.57 $2.66 $2.85 $2.83 Less hedged cost of alloyed metal (1.47) (1.39) (1.52) (1.80) (1.77)Conversion re...