First Quarter 2014 Highlights:
- Net Sales $335 Million; Value Added Revenue $186 Million
- Record Heat Treat Plate and Automotive Extrusion Shipments
- Seasonal Improvement in General Engineering Demand
- Operating Income $32 Million; Adjusted EBITDA $37 Million; EBITDA Margin 20%
- Underlying Sales Impact and Manufacturing Efficiency Similar to 2H13 Run-Rate
- ~$5 Million Higher Costs Compared to 2H13 Run-Rate; Weather-Related Energy Costs and First Quarter Full Year Employee Benefits Accruals
- Full Year 2014 Outlook Unchanged
FOOTHILL RANCH, Calif., April 23, 2014 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (Nasdaq:KALU) today reported net income of $16 million or $0.85 earnings per diluted share for the first quarter 2014 compared to $34 million or $1.73 earnings per diluted share for the first quarter 2013. The first quarter 2013 included the benefit of revenue related to a $4.5 million payment from a customer in lieu of fulfilling minimum volume obligations under a multi-year contract and an $8 million Canadian tax benefit. Excluding the impact of non-run-rate items and the Canadian tax benefit, adjusted net income was $13 million or $0.72 per diluted share for the first quarter 2014 compared to adjusted net income of $20 million or $1.03 per diluted share for the prior year first quarter.
Value added revenue of $186 million for the first quarter 2014 was comparable to $187 million for the prior year first quarter which included the $4.5 million of revenue related to the customer payment referenced above. Compared to the second half 2013 run-rate, value added revenue in the first quarter 2014 was up $4 million reflecting record heat treat plate and automotive extrusions shipments and seasonal improvement in demand for general engineering products.