- Full Year 2010 Adjusted Consolidated Operating Income of $65 Million
- Strong Earnings and Operational Performance in a Challenging, but Improving, Economic Environment
- Further Strengthened Platform For Near-and Long-Term Growth
FOOTHILL RANCH, Calif., Feb. 21, 2011 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported adjusted consolidated operating income for the full year ended December 31, 2010 of $65 million, an increase of $12 million or 23% compared to the prior year excluding non-run-rate items and the contribution from Anglesey smelting operations in 2009. The Fabricated Products segment reported adjusted operating income of $101 million, an increase of $14 million or 16% compared to the prior year ended December 31, 2009.
Full Year Summary
"We are pleased with our financial results and operational accomplishments in 2010," said Jack A Hockema, President, CEO and Chairman. "Higher value added revenue and stronger shipments combined with improved manufacturing efficiencies drove strong earnings performance in a challenging economic environment.""We further enhanced our platform for top-line and bottom-line growth with the purchase of Alexco and Nichols Wire and the launch of our new world-class remelt and extrusion facility in Kalamazoo, Michigan," said Mr. Hockema. "In addition, we improved our capital structure and extended the five year labor agreement for our two largest facilities – Trentwood and Newark – through 2015, all in an effort to support our business and growth initiatives and further strengthen our competitive position. We are well positioned to continue capitalizing on the opportunities in our served markets in 2011 and beyond."
|Fourth Quarter and Full Year 2010 Consolidated Results|
|(Non GAAP, Unaudited)*|
|($mm, except per share amounts)|
|Value Added Revenue 1||$134||$138||$129||$556||$513|
|Operating Income (Loss) before NRR 2|
|Anglesey-related / Hedging||$0||$0||($5)||($0)||$10|
|Consolidated Operating Income before NRR 2||$10||$14||$9||$65||$63|
|Reported Consolidated Operating Income 3||$12||$13||$34||$44||$119|
|EPS (diluted, GAAP)||($0.02)||$0.29||$1.19||$0.72||$3.51|
|Adjusted EPS 4||($0.06)||$0.32||$0.35||$1.42||$1.74|
|1 Value added revenue = Fabricated Products net sales less hedged cost of alloyed metal, 2 NRR = Non-run-rate|
|3 Totals may not sum due to rounding, 4 Estimated EPS excluding NRR items (net of tax)|
|* Please refer to GAAP financial statements|
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