Business
Kaiser Aluminum Corporation Reports Third Quarter 2024 Financial Results
Third Quarter 2024 Highlights: Net Sales $748 Million; Conversion Revenue $362 MillionNet Income $12 Million; Net Income per Diluted Share $0.74Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Third Quarter 2024 Highlights: Net Sales $748 Million; Conversion Revenue $362 MillionNet Income $12 Million; Net Income per Diluted Share $0.74Adjusted Net Income $8 Million; Adjusted Net Income per Diluted Share $0.51Adjusted EBITDA $50 Million and Adjusted EBITDA Margin 13.9%; Inclusive of $4 Million GAAP LIFO ChargeDeclared Quarterly Dividend of $0.77 FRANKLIN, Tenn., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ: KALU) (the \"Company\" or \"Kaiser\"), 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 2024 results. Management Commentary \"We continued to make strong progress on our strategic initiatives in the third quarter and delivered stable financial performance despite mixed market conditions,\" said Keith A. Harvey, President and Chief Executive Officer. \"Specifically, we continue to execute on our margin expansion plan, which we expect will lead to improved financial performance. Importantly, the performance enhancements at our Warrick packaging facility, including the associated capital expenditures, will be complete by the end of this year, providing a clear path to sustained margin improvement. Across the rest of our business, we are well-positioned with industry-leading products, serving a strong base of customers across diversified end markets. We are optimistic about the coming year and our ability to continue to advance our strategic plan by making further operational and efficiency improvements, maintaining our disciplined approach to investing capital to meet the needs of our customers, and ultimately delivering profitable growth to our shareholders.” Third Quarter 2024 Consolidated Results(Unaudited)* (In millions of dollars, except shipments, realized price and per share amounts) Quarter EndedSeptember 30, Nine Months EndedSeptember 30, 2024 2023 2024 2023 Shipments (millions of lbs.) 292 299 880 913 Net sales $748 $744 $2,259 $2,365 Less: Hedged cost of alloyed metal1 (386) (387) (1,161) (1,260)Conversion revenue $362 $357 $1,098 $1,105 Realized price per pound ($/lb.) Net sales $2.56 $2.48 $2.57 $2.59 Less: Hedged cost of alloyed metal (1.32) (1.29) (1.32...