Business
Kaiser Aluminum Corporation Reports Third Quarter and First Nine Months 2020 Financial Results
Third Quarter 2020: Net Sales $256 Million; Value Added Revenue $154 Million, Down 28% Year-over-YearNet Income $0.4 Million; Net income per Diluted Share
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Third Quarter 2020:\n Net Sales $256 Million; Value Added Revenue $154 Million, Down 28% Year-over-YearNet Income $0.4 Million; Net income per Diluted Share $0.02Adjusted Net Income $5 Million; Adjusted Earnings per Diluted Share $0.33Adjusted EBITDA $30 Million; Adjusted EBITDA Margin 19.6%Total Liquidity $1 Billion First Nine Months 2020: Net Sales $901 Million; Value Added Revenue $546 Million, Down 15% Year-over-YearNet Income $23 Million; Net Income per Diluted Share $1.44Adjusted Net Income $41 Million; Adjusted Earnings per Diluted Share $2.60Adjusted EBITDA $124 Million; Adjusted EBITDA Margin 22.7% FOOTHILL RANCH, Calif., Oct. 21, 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 third quarter and first nine months 2020 results. Third Quarter 2020 Highlights “Solid third quarter results were driven by a rebound in automotive demand and continued strength in demand for our defense and general engineering applications,” said Keith A. Harvey, President and Chief Executive Officer. “Strong execution by our employees enabled us to deliver these results in very challenging conditions as we continued to adjust to varying market dynamics influenced by the ongoing pandemic. We have continued to flex costs and operating levels to align with changes in market conditions. Demand for our commercial aerospace applications in the third quarter declined sharply from the strong first half 2020 due to weaker market conditions.” Outlook “Looking to the balance of the year, we reiterate our outlook for the second half of 2020 that we communicated on our second quarter earnings call. We continue to anticipate total value added revenue to be down 10%-15% compared to the second quarter pace driven by lower commercial aerospace and business jet sales, offset by continued strength in demand for our defense, automotive and general engineering applications with EBITDA margin in the mid-teens,” said Mr. Harvey. The Company continues to anticipate a slow recovery for large commercial aerospace applications driven by longer than expected recertification of the 737 MAX, slower recovery...