Business
Kaiser Aluminum Corporation Reports Second Quarter and First Half 2020 Financial Results
Second Quarter 2020: Net Sales $276 Million; Value Added Revenue $175 Million, Down 17% Year-over-YearNet Loss $7 Million; Net Loss per Diluted Share $0.41,
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Second Quarter 2020:\n Net Sales $276 Million; Value Added Revenue $175 Million, Down 17% Year-over-YearNet Loss $7 Million; Net Loss per Diluted Share $0.41, Includes Pre-tax Restructuring Charges of $12 Million, or $0.57 per Diluted Share After-tax Adjusted Net Income $6 Million; Adjusted Earnings per Diluted Share $0.36Adjusted EBITDA $34 Million; Adjusted EBITDA Margin 19.7%Total Liquidity ~$1.0 Billion First Half 2020: Net Sales $645 Million; Value Added Revenue $391 Million, Down 9% Year-over-YearNet Income $23 Million; Net Income per Diluted Share $1.41Adjusted Net Income $36 Million; Adjusted Earnings per Diluted Share $2.27Adjusted EBITDA $94 Million; Adjusted EBITDA Margin 24.0% FOOTHILL RANCH, Calif., July 22, 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 second quarter and first half 2020 results. Second Quarter 2020 Highlights “Second quarter shipments and value added revenue reflect the impact of lower demand across our end markets due to the effects of COVID-19,” said Keith A. Harvey, President and Chief Operating Officer. “As we experienced rapid changes in business conditions, we executed on our business model and aggressively flexed costs and operating levels at our facilities in response to lower demand. Although there is often a lag with certain cost and related benefits, our highly variable cost structure allows us to react quickly, and flex costs through the cycles. Despite the decline in end market demand, pricing has held steady,” said Mr. Harvey. Demand for the Company’s large commercial aerospace applications declined as Boeing and Airbus temporarily halted production and curtailed deliveries, while demand for defense applications continued to remain strong as the F-35 and other legacy fighter programs remained robust. The Company’s general engineering business showed good resiliency as demand for high performance KaiserSelect® products, along with solid support from the Company’s long-term customers, helped create additional pull for its products during the quarter. Demand for automotive applications significantly eroded during the s...