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Kaiser Aluminum Corporation Reports Fourth Quarter And Full Year 2010 Financial Results

  • 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)
 
  Quarter Full Year
  4Q10 3Q10 4Q09 2010 2009
           
Net Sales $266 $263 $237 $1,079 $987
           
Value Added Revenue 1 $134 $138 $129 $556 $513
           
Operating Income (Loss) before NRR 2          
Fabricated Products $19 $22 $22 $101 $87
All Other          
Anglesey-related / Hedging $0 $0 ($5) ($0) $10
Corporate ($9) ($8) ($8) ($35) ($34)
           
Consolidated Operating Income before NRR 2 $10 $14 $9 $65 $63
           
Non-Run-Rate Items $3 ($1) $25 ($21) $56
           
Reported Consolidated Operating Income 3 $12 $13 $34 $44 $119
           
Net Income ($0) $6 $24 $14 $71
           
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

The Company reported consolidated operating income of $12 million in the fourth quarter 2010, which was comparable to the third quarter 2010. Adjusted for non-run-rate items, consolidated operating income was $10 million for the fourth quarter 2010 compared to $14 million for the third quarter 2010, reflecting lower value added revenue in the Fabricated Products segment due to the impact of normal seasonality.

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