This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
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.