Business
Kaiser Aluminum Corporation Reports Fourth Quarter and Full Year 2019 Financial Results
Fourth Quarter 2019: Net Sales $369 Million; Value Added Revenue $213 Million, Up 1% Year-over-YearNet Loss $11 Million; Net Loss per Share $0.66, Includes
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Fourth Quarter 2019:\n Net Sales $369 Million; Value Added Revenue $213 Million, Up 1% Year-over-YearNet Loss $11 Million; Net Loss per Share $0.66, Includes Pre-tax Charges of $45 Million, or $2.14 per Share After-tax, Related to Senior Notes Refinancing and Goodwill ImpairmentAdjusted Net Income $29 Million; Adjusted Earnings per Diluted Share $1.79Adjusted EBITDA $52 Million; Adjusted EBITDA Margin 24.5% Full Year 2019: Net Sales $1.5 Billion; Record Value Added Revenue $856 Million, Up 3% Year-over-YearNet Income $62 Million; Earnings per Diluted Share $3.83, Reflects Fourth Quarter ChargesRecord Adjusted Net Income $111 Million; Record Adjusted Earnings per Diluted Share $6.85Record Adjusted EBITDA $213 Million; Adjusted EBITDA Margin 24.9%Trentwood Capacity and Efficiency Hindered by Planned and Unplanned Downtime on Key EquipmentNew Revolving Credit Facility and Senior Notes Increased Liquidity and Extended Debt Maturity DatesSuccessfully Negotiated New 5-Year USW Master Labor Agreement (October 2020 - September 2025) FOOTHILL RANCH, Calif., Feb. 19, 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 fourth quarter and full year 2019 results. \"We achieved several financial milestones in 2019, including record value added revenue, adjusted EBITDA, adjusted net income and adjusted earnings per diluted share,\" said Jack A. Hockema, Chairman and Chief Executive Officer. \"These milestones were accomplished despite planned and unplanned downtime at our Trentwood facility in Spokane, Washington in the first half of 2019, the impact of the General Motors strike in the second half of the year, and reduced sales and inefficiency related to the significant number of automotive model changeovers in 2019.\" \"We were proactive to enhance our financial and operational position during the year. Capitalizing on attractive credit markets, we successfully completed two new debt financings that increased liquidity. This enhanced financial flexibility will support our strategic investment initiatives, ensuring our continued financial strength throughout the business and econ...