Business
Kaiser Aluminum Corporation Reports Second Quarter and First Half 2021 Financial Results
Second Quarter 2021 Highlights: Net Sales $741 Million; Value Added Revenue $318 MillionNet Loss $22 Million; Net Loss per Diluted Share $1.42, Includes
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Second Quarter 2021 Highlights: Net Sales $741 Million; Value Added Revenue $318 MillionNet Loss $22 Million; Net Loss per Diluted Share $1.42, Includes Pre-tax Charges of $36 Million or $1.73 per Diluted Share, After-tax, Related to Senior Notes RefinancingAdjusted Net Income $16 Million; Adjusted Earnings per Diluted Share $1.00Adjusted EBITDA $59 Million; Adjusted EBITDA Margin 18.5%Continued Improvement in Demand Across All End MarketsIntegration Costs, Higher Overhead and Short-Term Inefficiencies Impacted Results First Half 2021 Highlights: Net Sales $1,065 Million; Value Added Revenue $490 Million Net Loss $18 Million; Net Loss per Diluted Share $1.13Adjusted Net Income $26 Million; Adjusted Earnings per Diluted Share $1.64Adjusted EBITDA $96 Million; Adjusted EBITDA Margin 19.6% FOOTHILL RANCH, Calif., July 21, 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, packaging, general engineering, custom automotive and other industrial applications, today announced second quarter and first half 2021 results. Second Quarter 2021 Management Summary “Solid second quarter value added revenue of $318 million and adjusted EBITDA of $59 million reflect the first full quarter results of our recently acquired Warrick Rolling Mill along with continued improvement in our end markets,” said Keith A. Harvey, President and Chief Executive Officer. “Our commercial aerospace end market is beginning to demonstrate positive momentum as air travel continues to recover and demand for our defense related applications remains strong. Demand for our packaging and general engineering applications is robust, and although our automotive business is temporarily dampened as ongoing shortages of semiconductor chips affects North American light vehicle production, we anticipate this issue will abate and volume will recover in the second half of 2021. “Our integration of the Warrick Rolling Mill continues to proceed on track and our teams are working diligently to exit transition service agreements by the end of the year. Until that time, we will continue to incur transition costs and overhead redundancies. In addition, with increasing end market demand and a solid economy, we are ...