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Kaiser Aluminum Corporation Reports Third Quarter And First Nine Months 2013 Financial Results

Stocks in this article: KALU

Third Quarter 2013 Highlights:

  • Aerospace Inventory Overhang Continues to Dampen Demand
  • Production Inefficiencies Temporarily Impact Sales and Costs
  • Growing Automotive Extrusion Value Added Revenue and Content
  • Organic Growth Investments Proceeding on Schedule

First Nine Months 2013 Highlights:

  • Net Sales $986 Million; Value Added Revenue $553 Million
  • Operating Income $132 Million; Adjusted EBITDA $132 Million; EBITDA Margin 24%
  • Net Income $78 Million; Adjusted Net Income $54 Million
  • Diluted EPS $4.02; Adjusted Diluted EPS $2.81

FOOTHILL RANCH, Calif., Oct. 17, 2013 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $25 million or $1.34 earnings per diluted share for the third quarter of 2013, compared to $29 million or $1.51 earnings per diluted share for the third quarter of 2012. Excluding the impact of non-run-rate items and the effect of favorable transfer pricing settlements affecting the Company's Canadian taxes, adjusted net income was $17 million or $0.90 per diluted share for the third quarter of 2013, compared to adjusted net income of $20 million or $1.02 per diluted share for the prior year third quarter. Third quarter 2013 results reflect a continuing supply chain inventory overhang for aerospace applications other than plate, temporary throughput and manufacturing inefficiencies which negatively impacted sales and operating costs in the quarter, and higher major maintenance expense.

For the first nine months of 2013, the Company's reported net income was $78 million or $4.02 earnings per diluted share compared to $77 million or $3.98 earnings per diluted share for the first nine months of 2012. Excluding the impact of non-run-rate items, adjusted net income of $54 million and adjusted earnings per diluted share of $2.81 were down compared to adjusted net income of $61 million and adjusted earnings per diluted share of $3.17 for the first nine months of 2012 as a result of lower operating income and higher interest expense.

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