Business
Kaiser Aluminum Corporation Reports Fourth Quarter and Full Year 2020 Financial Results
Full Year 2020: Solid Execution Under Very Challenging Business Conditions Net Sales $1,173 Million; Value Added Revenue $697 Million, Down 19%
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Full Year 2020: Solid Execution Under Very Challenging Business Conditions Net Sales $1,173 Million; Value Added Revenue $697 Million, Down 19% Year-over-YearNet Income $29 Million; Net Income per Diluted Share $1.81Adjusted Net Income $48 Million; Adjusted Earnings per Diluted Share $3.01Adjusted EBITDA $154 Million; Adjusted EBITDA Margin 22.1% Significant Decline in Commercial Aerospace Demand; Strong Defense, Auto and GE DemandAggressively Flexed Costs to Align With Lower VolumeExecuted Definitive Agreement for Transformative Acquisition of Alcoa Warrick LLCIncreased Quarterly Dividend 12% to $0.67/share in 2020; Increased 7.5% to $0.72/share in 2021 FOOTHILL RANCH, Calif., Feb. 24, 2021 (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 2020 results. “Our results for the fourth quarter and full year 2020 reflect solid execution under very challenging business conditions, as we navigated the significant decline in commercial aerospace demand during the second half of the year while managing strong demand for our defense, general engineering and automotive applications,” said Keith A. Harvey, President and Chief Executive Officer. “For the full year 2020, value added revenue of $697 million declined approximately 19%, reflecting a strong first quarter, followed by significant COVID-19 related disruptions to our operations and end markets during the remainder of the year. Despite the decline in value added revenue, we reported a solid 22.1% adjusted EBITDA margin, reflecting our ability to quickly flex costs and operating levels in response to rapidly changing business conditions. These results were achieved with record safety performance for the entire year, a significant accomplishment and a testament to our people,” stated Mr. Harvey. “Our business model is to always be well-prepared for economic adversity, and the strength of our balance sheet and financial flexibility served us well, facilitating our ability to maintain our quarterly dividend and to opportunistically pursue further growth with our pending acquisition of Alcoa Warrick ...