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TheStreet Open House

Kaiser Aluminum Corporation Reports Second Quarter And First Half 2013 Financial Results

Stock quotes in this article: KALU

Second Quarter Highlights:

  • Net Sales $329 Million; Value Added Revenue $184 Million
  • Operating Income $40 Million; Adjusted EBITDA $44 Million
  • Net Income $19 Million; Adjusted Net Income $17 Million
  • Diluted EPS $0.98; Adjusted Diluted EPS $0.91

First Half 2013 Highlights:

  • Solid Underlying 1H'13 Results Despite Mild Headwinds
  • Organic Growth Investments Progressing As Planned

FOOTHILL RANCH, Calif., July 24, 2013 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $19 million or $0.98 earnings per diluted share for the second quarter 2013 compared to $21 million, or $1.09 earnings per diluted share for the second quarter 2012. Excluding the impact of non-run-rate items adjusted net income was $17 million or $0.91 per diluted share for the second quarter 2013, compared to adjusted net income of $20 million or $1.06 per diluted share for the prior year second quarter. First half 2013 adjusted net income of $37 million and adjusted earnings per diluted share of $1.93 were down compared to adjusted net income of $41 million and adjusted earnings per diluted share of $2.16 in the first half of 2012, reflecting weaker demand across end market applications and higher interest expense.

Value added revenue of $184 million for the second quarter 2013 was comparable to $185 million in the prior year second quarter. For the first six months of 2013, value added revenue of $371 million was down 2.5% compared to $380 million in the first six months of 2012, reflecting a modest inventory overhang in the aerospace supply chain, primarily related to products other than aerospace plate, ongoing soft demand for the Company's general industrial applications, and lower volume of automotive extrusions for anti-lock braking systems.

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