Business
Kaiser Aluminum Corporation Reports Fourth Quarter and Full Year 2022 Financial Results
Fourth Quarter 2022 Highlights: Net Sales $776 Million; Conversion Revenue $356 MillionNet Loss $26 Million; Net Loss per Diluted Share $1.66Adjusted Net Loss
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Fourth Quarter 2022 Highlights: Net Sales $776 Million; Conversion Revenue $356 MillionNet Loss $26 Million; Net Loss per Diluted Share $1.66Adjusted Net Loss $7 Million; Adjusted Loss per Diluted Share $0.45Adjusted EBITDA $30 Million; Adjusted EBITDA Margin 8.4% Full Year 2022 Highlights: Net Sales $3.4 Billion; Conversion Revenue $1.4 BillionNet Loss $30 Million; Net Loss per Diluted Share $1.86Adjusted Net Loss $2 Million; Adjusted Loss per Diluted Share $0.14Adjusted EBITDA $142 Million; Adjusted EBITDA Margin 10.3%Liquidity remained strong at $615 Million as of December 31, 2022 FRANKLIN, Tenn., Feb. 22, 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, custom automotive and other industrial applications, today announced fourth quarter and full year 2022 results. As announced on January 26, 2023, the Company renamed its previously used non-GAAP financial measure “value added revenue”, or “VAR”, to “Conversion Revenue.” In addition, effective January 1, 2022, the Company prospectively changed its approach from including a portion of alloyed metal cost within Hedged Cost of Alloyed Metal to include all alloyed metal cost. This approach is in further alignment with the Company’s change in pricing and certain customer-renegotiated contracts to more fully pass through alloy cost due to the high inflationary and historically unprecedented volatility of these costs starting in early 2022. The Company further announced on January 26, 2023, the revision of its presentation of Adjusted EBITDA to no longer adjust the Company’s operating results for the impact of the last-in, first out inventory valuation (\"LIFO\") calculated on an annual basis to LIFO calculated on a monthly basis done at a plant level, previously identified as “Adjustments to plant-level LIFO”. This change had a consequential impact on certain other non-GAAP measures including: Operating income, excluding operating non-run-rate (“NRR”) items, Adjusted net income (loss) and Adjusted earnings (loss) per diluted share. 2022 Management Commentary “The full year 2022 was pivotal in Kaiser’s evolution as we laid the necessary groundwork to position the Company for ...