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Net Sales $1.4 Billion; Record Value Added Revenue $736 Million, up 14%
Operating Income $166 Million; Record Adjusted EBITDA $174 Million, up 56%
Net Income $86 Million; Record Adjusted Net Income $74 million, up 76%
Strong Aerospace and Automotive Demand, Improved Pricing, and Continued Improvement in Manufacturing Efficiencies
FOOTHILL RANCH, Calif., Feb. 19, 2013 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $86 million, or $4.45 earnings per diluted share, for the year ended December 31, 2012 compared to $25 million, or $1.32 earnings per diluted share, for the prior year ended December 31, 2011. Excluding the impact of non-run-rate items, adjusted net income was $74 million, or $3.82 per diluted share, for the full year 2012 increasing approximately 76% from the prior year adjusted net income of $42 million, or $2.20 per diluted share.
Value added revenue was a record $736 million for the full year 2012, up 14% over the prior year, reflecting strong aerospace demand and an improved pricing environment compared to 2011. Adjusted consolidated EBITDA was $174 million, up 56% compared to $111 million in the prior year, setting another new record for the Company in 2012. Adjusted EBITDA margin on value added revenue was 23.6% compared to 17.3% for the full year 2011, reflecting significant year-over-year improvement.
Full Year Summary
"Our record 2012 results demonstrated a step-change in growth and performance. Strong aerospace and automotive demand, improved pricing, increased overall operating leverage, and improved underlying manufacturing cost performance across our platform drove the significant change in results compared to 2011," said Jack A. Hockema, President, CEO and Chairman. "Solid execution at our Trentwood facility during the Phase 4 heat treat plate expansion and continued improvement within the rod and bar value stream at our Los Angeles, CA and Kalamazoo, MI facilities also contributed to our strong results."