Business
Kaiser Aluminum Corporation Reports Second Quarter 2023 Financial Results
Second Quarter 2023 Highlights: Net Sales $814 Million; Conversion Revenue $379 MillionNet Income $18 Million; Net Income per Diluted Share $1.14Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Second Quarter 2023 Highlights: Net Sales $814 Million; Conversion Revenue $379 MillionNet Income $18 Million; Net Income per Diluted Share $1.14Adjusted Net Income $20 Million; Adjusted Income per Diluted Share $1.26Adjusted EBITDA $64 Million; Adjusted EBITDA Margin 16.8%Aerospace Shipments and Conversion Revenue Exceeded Expectations on Strengthened DemandLiquidity Remained Strong at $558 Million as of June 30, 2023 FRANKLIN, Tenn., July 25, 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 second quarter 2023 results. Management Commentary “We reported strong second quarter results that exceeded our expectations as continued focused operational execution and rebounding demand in certain end markets drove profitable growth with adjusted EBITDA of $64 million increasing $33 million over the prior year and $17 million over the prior quarter,” said Keith A. Harvey, President and Chief Executive Officer. “Demand for our aerospace products remained a key highlight as our annualized second quarter aerospace conversion revenue exceeded pre-pandemic levels. Our unique ability to flex available capacity to accommodate rising aerospace demand as the slowdown in general engineering continues, enables us to operate from a position of strength into the future. Demand in packaging remained healthy, even as destocking with beverage customers persisted. Our Warrick operation continues to stabilize and is well positioned to support higher margin growth following the ratification of a new four-year labor agreement with our USW-represented employees and ongoing investment in the new roll coat line. We continue to believe our solid standing as a key supplier in diverse end markets, multi-year contracts with key strategic partners, strong liquidity, and thoughtful management of our cost structure, position us well to execute our strategic plan throughout market cycles.” Second Quarter 2023 Consolidated Results (Unaudited)* (In millions of dollars, except shipments, realized price and per share amounts) Quarterly 2Q23 1Q23 4Q22 3Q22 2Q22 Shipments (millions of lbs.) 31...