Business
Kaiser Aluminum Corporation Reports Second Quarter 2024 Financial Results
Second Quarter 2024 Highlights: Net Sales $773 Million; Conversion Revenue $369 MillionNet Income $3 Million; Net Income per Diluted Share $0.19Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Second Quarter 2024 Highlights: Net Sales $773 Million; Conversion Revenue $369 MillionNet Income $3 Million; Net Income per Diluted Share $0.19Adjusted Net Income $11 Million; Adjusted Net Income per Diluted Share $0.65Adjusted EBITDA $54 Million; Adjusted EBITDA Margin 14.5% FRANKLIN, Tenn., July 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 second quarter 2024 results. Management Commentary \"Our business continued to perform well during the second quarter as demand met or exceeded our expectations,\" said Keith A. Harvey, President and Chief Executive Officer. \"Importantly, aerospace/high strength demand remained steady at strong levels, illustrating the benefits of our diversified product mix. Our net income of $3 million and adjusted EBITDA of $54 million reflected the impact of a $9 million unfavorable non-cash LIFO charge related to significant inventory reductions we made during the quarter, consistent with our focus on managing working capital.\" Mr. Harvey continued, \"While we expect 2024 demand to remain at healthy levels, we are revising our financial outlook based on the reduction in commercial jet build rates and as a result of the extended outage at our Warrick facility during the second quarter. Our focus remains on executing our growth strategy through strategic investments in the business, stabilizing operations, improving efficiencies across our facilities and reducing overall costs.\" Second Quarter 2024 Consolidated Results(Unaudited)*(In millions of dollars, except shipments, realized price and per share amounts) Quarter Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Shipments (millions of lbs.) 297 314 588 613 Net sales $773 $814 $1,511 $1,622 Less: Hedged cost of alloyed metal1 (405) (436) (775) (874)Conversion revenue $369 $379 $736 $748 Realized price per pound ($/lb.) Net sales $2.61 $2.59 $2.57 $2.64 Less: Hedged cost of alloyed metal (1.37) (1.38) (1.32) (1.42)Conversion revenue $1.24 $1.21 $1.25 $1.22 As reported Operating income $16 $36 $48 $55 Net income $3 $18 $28 $34 Net income per share, dil...