Business
Kaiser Aluminum Corporation Reports Third Quarter and Nine Months 2022 Financial Results
Third Quarter 2022 Highlights: Net Sales $749 Million; Value Added Revenue $356 MillionNet Income $3 Million; Net Income per Diluted Share $0.16Adjusted Net
About this update from Kaiser Aluminum Corporation
[{"type":"text","content":"Third Quarter 2022 Highlights: Net Sales $749 Million; Value Added Revenue $356 MillionNet Income $3 Million; Net Income per Diluted Share $0.16Adjusted Net Income $10 Million; Adjusted Income per Diluted Share $0.60Adjusted EBITDA $31 Million; Adjusted EBITDA Margin 8.8%Warrick Magnesium and Metal Supply Issues Resolved; Capacity Fully RestoredPlanned Outage at Trentwood Successfully CompletedIncremental Costs and Inefficiencies of ~$24 Million Driven by Outage and Supply Chain Issues FRANKLIN, Tenn., Oct. 19, 2022 (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 third quarter and first nine months 2022 results. “While our third quarter 2022 results were significantly impacted by the magnesium and molten metal supply chain issues at our Warrick rolling mill, we have successfully resolved these challenges that have negatively impacted our financial and operational performance for the past several quarters. As we proceed through the remainder of the year, we are positioned to operate on a more normalized basis, albeit in a challenging environment. With these supply chain challenges behind us, we anticipate our adjusted EBITDA and margin in the fourth quarter will be similar to the first half 2022. We remain focused on continuing to address inflationary challenges through pricing and cost reduction initiatives. Although economic uncertainty persists, our end market outlook remains positive and our strategy remains intact. The fundamentals of our aerospace, packaging, general engineering and automotive end markets continue to be solid and we look forward to continuing to execute on our strategic initiatives to deliver long-term value to all of our stakeholders,” said Keith A. Harvey, President and Chief Executive Officer. Third Quarter 2022 Management Summary During the quarter, the Company successfully secured and qualified magnesium supplies to meet its requirements, lifting the force majeure in early September and mitigating the impact on production levels and shipments. In addition, the molten metal supply at Warrick has improved to an acceptable level and t...