Business
Kaiser Aluminum Corporation Reports First Quarter 2024 Financial Results
First Quarter 2024 Highlights: Net Sales $738 Million; Conversion Revenue $367 MillionNet Income $25 Million; Net Income per Diluted Share $1.51Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"First Quarter 2024 Highlights: Net Sales $738 Million; Conversion Revenue $367 MillionNet Income $25 Million; Net Income per Diluted Share $1.51Adjusted Net Income $17 Million; Adjusted Net Income per Diluted Share $1.02Adjusted EBITDA $62 Million; Adjusted EBITDA Margin 17.0%Improved Cost Controls and Operating Efficiencies Across the PlatformMaintaining Full Year 2024 Outlook FRANKLIN, Tenn., April 24, 2024 (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 2024 results. Management Commentary “The year is off to a good start with our first quarter results surpassing our internal expectations on more normalized business conditions with improved operating efficiencies across all platforms,” said Keith A. Harvey, President and Chief Executive Officer. “Both the general engineering and automotive end markets are off to a faster start than expected at the beginning of the year while aerospace/high strength, which was strong year-over-year, was softer than our original expectations. As a result, we are maintaining our 2024 outlook. The investments we have made and are continuing to make in the business position Kaiser well to benefit from the next stage of our growth strategy in 2025. We remain committed to controlling costs, including the successful execution of our revised metal sourcing strategy, and improving overall operating efficiencies to drive profitable growth.” First Quarter 2024 Consolidated Results(Unaudited)*(In millions of dollars, except shipments, realized price and per share amounts) Quarterly 1Q24 4Q23 3Q23 2Q23 1Q23 Shipments (millions of lbs.) 291 284 299 314 299 Net sales $738 $722 $744 $814 $808 Less: Hedged cost of alloyed metal1 (371) (361) (387) (436) (438)Conversion revenue $367 $361 $357 $379 $369 Realized price per pound ($/lb.) Net sales $2.53 $2.54 $2.48 $2.59 $2.70 Less: Hedged cost of alloyed metal (1.27) (1.27) (1.29) (1.38) (1.47)Conversion revenue $1.26 $1.27 $1.19 $1.21 $1.23 As reported Operating income $33 $22 $19 $36 $19 Net income $25 $8 $5 $18 $16 Net income per share, diluted2 $1.51 $0.47 $0.34 $1.14 $0....