Business
Kaiser Aluminum Corporation Reports Third Quarter 2023 Financial Results
Third Quarter 2023 Highlights: Net Sales $744 Million; Conversion Revenue $357 MillionNet Income $5 Million; Net Income per Diluted Share $0.34Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Third Quarter 2023 Highlights: Net Sales $744 Million; Conversion Revenue $357 MillionNet Income $5 Million; Net Income per Diluted Share $0.34Adjusted Net Income $7 Million; Adjusted Income per Diluted Share $0.46Adjusted EBITDA $48 Million; Adjusted EBITDA Margin 13.3%Aerospace Conversion Revenue in-line with Expectations on Strengthened DemandContinued Strong Liquidity of $574 Million as of September 30, 2023 FRANKLIN, Tenn., Oct. 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 third quarter 2023 results. Management Commentary “We were pleased to report third quarter results largely within our expectations in a challenging market with adjusted EBITDA of $48 million increasing $19 million over the prior year period, slightly above our outlook,” said Keith A. Harvey, President and Chief Executive Officer. “Demand for our aerospace products remained robust as our operations have been recovering to meet or exceed pre-pandemic peak levels, which we believe will be attainable by the end of this year. We have continued to flex our available capacity to capitalize on strengthening aerospace demand as general engineering demand has remained soft. Demand for packaging persisted during the quarter but appeared to be slowing down. While beverage can destocking appears to be abating, we are now seeing coated food products, which make up a considerable amount of our shipments, enter into a destocking phase. We remain focused on improving profitability in our packaging products through strong contract management and a shift towards higher margin, coated products further enabled by our roll coat capacity expansion project. Despite market headwinds including rising inflationary costs and challenging, short-term demand issues impacting our operational efficiencies, we remain uniquely positioned to execute our long-term strategy given our strong market and liquidity positions and flexible cost structure to navigate complex operating environments.” Third Quarter 2023 Consolidated Results(Unaudited)*(In millions of dollars, except shipments, realized price and p...