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Record Aerospace Plate Shipments Offset by Non-Plate Aerospace Inventory Overhang
Record Automotive Value Added Revenue; Increasing Content per Vehicle
~$70 Million Invested for Future Growth and Efficiency
~$100 Million Returned to Shareholders Through Quarterly Dividends and Share Repurchases
FOOTHILL RANCH, Calif., Feb. 17, 2014 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $105 million, or $5.44 earnings per diluted share, for the year ended December 31, 2013 compared to $86 million, or $4.45 earnings per diluted share, for the prior year ended December 31, 2012. Excluding the impact of non-run-rate items, adjusted net income was $70 million, or $3.65 per diluted share, for the full year 2013 compared to the prior year adjusted net income of $74 million, or $3.82 per diluted share. The decrease in adjusted net income was primarily related to a full year of interest expense in 2013 on the Company's Senior Notes, which were issued in May 2012.
Value added revenue for the full year 2013 of $734 million compared to $736 million in 2012, reflecting record shipments of aerospace plate offset by lower demand for non-plate aerospace products due to excess supply chain inventory. In addition, value added revenue for automotive extrusions reflected a new record in 2013, increasing approximately 12% as new programs launched in the second half of 2013. Adjusted consolidated EBITDA of $174 million and adjusted EBITDA margin on value added revenue of 24% was comparable to the prior year.