Core Viewpoint - Kaiser Aluminum Corporation is set to release its fourth quarter and full year 2024 financial results on February 19, 2025, with a conference call scheduled for February 20, 2025 [1] Company Overview - Kaiser Aluminum Corporation, based in Franklin, Tennessee, is a prominent producer of semi-fabricated specialty aluminum products, catering to various industries including aerospace, automotive, and packaging [3] - The company has been operational since 1946 and emphasizes quality, innovation, and service in its production of value-added aluminum products such as plate, sheet, coil, and extrusions [3] - Kaiser Aluminum's stock is part of the Russell 2000® index and the S&P Small Cap 600® index, indicating its standing in the market [3] Investor Information - The company provides a dedicated investor relations section on its website, offering access to financial performance notifications, SEC filings, and earnings announcements [4] - A live webcast of the quarterly earnings call will be available, along with an audio archive post-call [2][4]

Leadership Changes - Jack A Hockema, Executive Chair of the Board of Directors and Chair of the Executive Committee, retired effective January 1, 2025 [1] - Keith A Harvey, President and CEO, appointed as Chairman of the Board effective January 1, 2025 [1] - Kimberly T Glas appointed as a new independent director, serving as a Class I director with a term expiring at the 2025 annual meeting of stockholders [1] New Director Background - Kimberly T Glas brings over 20 years of experience in government policy development and advocacy for the manufacturing industry [2] - Currently serves as President and CEO of the National Council of Textile Organizations, representing nearly 500,000 manufacturing jobs nationwide [2] - Previously served as Commissioner of the US-China Economic and Security Review Commission and Executive Director of BlueGreen Alliance [2] Company Overview - Kaiser Aluminum Corporation is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide [3] - The company's North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube and wire products [3] - Founded in 1946, the company is headquartered in Franklin, Tenn and its stock is included in the Russell 2000 and S&P Small Cap 600 indices [4] Investor Information - The company provides financial performance updates, SEC filings, investor events, and earnings press releases on its website [5] - Quarterly earnings calls and certain management-hosted events are available via webcast [5]

Financial Performance - Net sales for Q3 2024 totaled $747.7 million, reflecting a 2% decrease in shipment volume and a 3% increase in average realized sales price per pound [95][96]. - Net income for Q3 2024 was $12.0 million, with a net income per diluted share of $0.74 [95]. - For the nine months ended September 30, 2024, net sales totaled $2,258.6 million, a 4% decrease from the same period in 2023 [96]. - Net income for Q3 2024 was $12.0 million, compared to $5.4 million in Q3 2023, while net income for the nine months ended September 30, 2024 was $39.7 million, slightly up from $39.6 million in the same period last year [101]. - Adjusted EBITDA for Q3 2024 was $50.4 million, an increase of $2.8 million from Q3 2023, driven by improved pricing and product mix [102]. - Adjusted EBITDA for the nine months ended September 30, 2024 was $166.3 million, up $8.3 million from $158.0 million in the same period of 2023, primarily due to improved pricing and lower major maintenance costs [103]. Cost and Expenses - COGS for Q3 2024 was $671.8 million, representing 90% of net sales, an increase from 89% in Q3 2023 [96]. - SG&A and R&D expenses for Q3 2024 were $28.8 million, down from $30.5 million in Q3 2023 [96]. - Depreciation and amortization expenses for Q3 2024 were $29.0 million, up from $27.2 million in Q3 2023, with total expenses for the nine months at $86.8 million, compared to $79.9 million [101]. - Environmental expenses for Q3 2024 were $3.3 million, while total non-run-rate items for the nine months were $13.9 million, up from $4.0 million in the same period last year [101]. - Restructuring costs for Q3 2024 were $0.7 million, down from $1.6 million in Q3 2023, while total restructuring costs for the nine months ended September 30, 2024 were $7.6 million, compared to $4.2 million in the same period last year [99]. Revenue and Sales Insights - Conversion Revenue for Q3 2024 was $362.0 million, indicating a higher pricing and improved product mix [95][96]. - The total shipments for the quarter were 292.2 million pounds, down from 299.3 million pounds in the previous year, while conversion revenue per pound was $1.24, up from $1.19 [104]. - The company expects overall conversion revenue for the full year 2024 to remain stable with growth up to 1% compared to 2023, driven by strategic growth initiatives [108]. - Approximately 75% of shipments are sold directly to manufacturers or tier one suppliers, with 25% sold to metal service centers [94]. Liquidity and Capital Management - The company reported total liquidity of $594.9 million as of September 30, 2024, slightly down from $599.1 million at the end of 2023 [109]. - Borrowing availability under the Revolving Credit Facility increased to $549.2 million as of September 30, 2024, compared to $516.7 million at the end of 2023 [109]. - The company had no outstanding borrowings under its Revolving Credit Facility as of September 30, 2024, indicating strong liquidity management [110]. - Cash provided by operating activities for the nine months ended September 30, 2024 was $123.7 million, a decrease of 10.3% from $137.6 million for the same period in 2023 [111]. - At September 30, 2024, $93.1 million remained authorized for future repurchases of common stock under the stock repurchase program [123]. Market Outlook and Strategic Focus - The company maintains a focus on technically challenging applications to achieve premium pricing and long-term profitable growth [91]. - In the Aero/HS Products end market, the company remains cautious due to potential short-term impacts from customer negotiations, while the Packaging end market is expected to see performance improvements [107]. - The Automotive Extrusions end market maintains a positive outlook as production for light and heavy truck platforms has outpaced broader automotive production rates [107]. - Total capital spending in 2024 is anticipated to be approximately $180.0 million to $190.0 million, primarily focused on growth initiatives including a fourth coating line at Warrick [119]. - The company anticipates total capital expenditures may be adjusted based on business plans and market conditions, with no assurance on timing or operational benefits [120]. Risk Management - The company estimates that a $0.10/lb decrease in the LME market price of aluminum would have resulted in an unrealized mark-to-market loss of $5.2 million as of September 30, 2024 [130]. - The company has forward swap contracts to mitigate risks from fluctuating prices of zinc and copper, estimating a $0.10/lb decrease would lead to an unrealized mark-to-market loss of $1.0 million as of September 30, 2024 [131]. - Other income for Q3 2024 was a net loss of $8.7 million, compared to a gain of $2.2 million in Q3 2023, with a total loss of $19.1 million for the nine months ended September 30, 2024 [101]. - Income tax provision for Q3 2024 was $3.4 million, significantly higher than $0.1 million in Q3 2023, with a total provision of $11.7 million for the nine months compared to $8.0 million last year [101]. Dividend and Shareholder Returns - The company has consistently paid a quarterly cash dividend since Q2 2007, but future payments will depend on financial results and liquidity position [121].

Kaiser Aluminum (KALU) came out with quarterly earnings of $0.51 per share, missing the Zacks Consensus Estimate of $0.67 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -23.88%. A quarter ago, it was expected that this aluminum products company would post earnings of $0.94 per share when it actually produced earnings of $0.65, delivering a surprise of -30.85%.Over the last four qu ...

Kaiser Aluminum Q3 2024 Financial Results [Financial & Operational Highlights](index=1&type=section&id=Third%20Quarter%202024%20Highlights) Kaiser Aluminum reported stable financial performance in Q3 2024, highlighting progress on strategic initiatives like margin expansion at Warrick packaging facility, with a $0.77 per share quarterly dividend declared Q3 2024 Key Metrics | Metric | Value | | :--- | :--- | | Net Sales | $748 Million | | Conversion Revenue | $362 Million | | Net Income | $12 Million | | Net Income per Diluted Share | $0.74 | | Adjusted Net Income | $8 Million | | Adjusted Net Income per Diluted Share | $0.51 | | Adjusted EBITDA | $50 Million | | Adjusted EBITDA Margin | 13.9% | | Quarterly Dividend | $0.77 per share | - Management emphasized strong progress on strategic initiatives and the execution of a margin expansion plan, with performance enhancements at the Warrick packaging facility expected to be complete by the end of 2024, providing a clear path to **sustained margin improvement**[2](index=2&type=chunk) [Consolidated Financial Performance](index=2&type=section&id=Third%20Quarter%202024%20Consolidated%20Results) Q3 2024 saw net sales increase, conversion revenue grow 1%, and Adjusted EBITDA rise to $50 million with margin improving to 13.9% YoY Consolidated Results Summary (Q3 & Nine Months Ended Sep 30) | Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | | :--- | :--- | :--- | :--- | :--- | | Shipments (millions of lbs.) | 292 | 299 | 880 | 913 | | Net Sales ($M) | $748 | $744 | $2,259 | $2,365 | | Conversion Revenue ($M) | $362 | $357 | $1,098 | $1,105 | | Net Income ($M) | $12 | $5 | $40 | $40 | | Diluted EPS ($) | $0.74 | $0.34 | $2.44 | $2.46 | | Adjusted Net Income ($M) | $8 | $7 | $36 | $35 | | Adjusted Diluted EPS ($) | $0.51 | $0.46 | $2.18 | $2.14 | | Adjusted EBITDA ($M) | $50 | $48 | $166 | $158 | | Adjusted EBITDA Margin (%) | 13.9% | 13.3% | 15.1% | 14.3% | - Reported net income for Q3 2024 was **$12 million** (**$0.74/share**), up from **$5 million** (**$0.34/share**) in Q3 2023[7](index=7&type=chunk) - Adjusted net income was **$8 million**, compared to **$7 million** in the prior year period[7](index=7&type=chunk) - Adjusted EBITDA increased by **$2 million** YoY to **$50 million** in Q3 2024, with the margin expanding to **13.9%**[8](index=8&type=chunk) - This was primarily driven by an increase in conversion revenue, partially offset by higher energy costs and a larger GAAP LIFO charge[8](index=8&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Q3 2024 packaging conversion revenue increased, aerospace/high strength declined, and other segments experienced modest growth Q3 2024 Segment Revenue Performance (YoY) | Application Segment | Net Sales ($M) | Conversion Revenue ($M) | Conversion Revenue Change (YoY) | Key Drivers | | :--- | :--- | :--- | :--- | :--- | | Aerospace/High Strength | $213 | $128 | -5% | 7% decrease in shipments due to supply chain challenges | | Packaging | $320 | $128 | +9% | Improved product mix and pricing | | General Engineering | $151 | $76 | Modest Increase | 5% increase in shipments with stable pricing | | Automotive Extrusions | $62 | $29 | +3% | Improved pricing and product mix | [Cash Flow and Liquidity](index=3&type=section&id=Cash%20Flow%20and%20Liquidity) Total liquidity was $595 million as of Sep 30, 2024, with no revolving credit borrowings, enabling capital investments and dividend payments - In the first nine months of 2024, cash was used to fund **$47 million** of working capital, **$125 million** of capital investments, **$31 million** of interest payments, and **$38 million** in dividends[9](index=9&type=chunk) - Total liquidity stood at **$595 million** as of September 30, 2024, with no outstanding borrowings under the revolving credit facility[9](index=9&type=chunk) - The company declared a quarterly cash dividend of **$0.77 per share**, payable on November 15, 2024[9](index=9&type=chunk) [2024 Outlook](index=3&type=section&id=2024%20Outlook) The company reaffirmed its 2024 guidance, expecting conversion revenue growth and Adjusted EBITDA margin improvement, alongside mixed segment outlooks - The company's end-market outlook for the remainder of 2024 is as follows[10](index=10&type=chunk) - **Aerospace/High Strength**: Cautious near-term outlook due to customer commercial and labor negotiations - **Packaging**: Momentum and performance improvements expected to continue, with margin improvement driven by the new coating line starting in 2025 - **General Engineering**: Destocking has concluded, with shipments now better aligned with demand - **Automotive Extrusions**: Positive outlook as light/heavy truck and SUV platform production outpaces broader auto rates - For the full year 2024, the Company expects overall conversion revenue to grow **up to 1%** compared to 2023 and Adjusted EBITDA margin to improve by **50 to 100 basis points** compared to 2023[11](index=11&type=chunk) Financial Statements [Statements of Consolidated Income](index=6&type=section&id=Statements%20of%20Consolidated%20Income) Q3 2024 net sales were $747.7 million, with net income significantly increasing to $12.0 million, while nine-month net income remained stable Consolidated Income Statement Highlights (in millions) | Account | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 | | :--- | :--- | :--- | :--- | :--- | | Net Sales | $747.7 | $743.6 | $2,258.6 | $2,365.3 | | Operating Income | $17.4 | $19.1 | $65.6 | $74.1 | | Net Income | $12.0 | $5.4 | $39.7 | $39.6 | | Diluted EPS | $0.74 | $0.34 | $2.44 | $2.46 | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of Sep 30, 2024, total assets increased to $2.31 billion, total liabilities rose, and stockholders' equity grew to $667.0 million Consolidated Balance Sheet Highlights (in millions) | Account | As of Sep 30, 2024 | As of Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $994.9 | $990.2 | | Total Assets | $2,311.4 | $2,267.4 | | Total Current Liabilities | $382.2 | $370.0 | | Long-term Debt, net | $1,041.2 | $1,039.8 | | Total Liabilities | $1,644.4 | $1,615.2 | | Total Stockholders' Equity | $667.0 | $652.2 | [Summary of Cash Flows](index=7&type=section&id=Summary%20of%20Cash%20Flows) Nine-month operating cash flow decreased to $123.7 million, investing activities used $118.6 million, and financing activities remained stable Nine Months Ended Sep 30 - Cash Flow Summary (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Operating Activities | $123.7 | $137.6 | | Investing Activities | $(118.6) | $(105.0) | | Financing Activities | $(41.8) | $(41.2) | [Reconciliation of Non-GAAP Measures](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) The company provided reconciliations for its non-GAAP measures, including Adjusted EBITDA and Adjusted Net Income for Q3 2024 Reconciliation to Adjusted EBITDA (Q3, in millions) | Account | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | GAAP Operating Income | $17.4 | $19.1 | | Non-run-rate (NRR) items | $4.0 | $1.3 | | Operating Income, excluding NRR | $21.4 | $20.4 | | Depreciation and Amortization | $29.0 | $27.2 | | **Adjusted EBITDA** | **$50.4** | **$47.6** | Reconciliation to Adjusted Net Income (Q3, in millions) | Account | Q3 2024 | Q3 2023 | | :--- | :--- | :--- | | GAAP Net Income | $12.0 | $5.4 | | Operating NRR items | $4.0 | $1.3 | | Non-operating NRR items | $(8.6) | $1.4 | | Tax impact of NRR items | $1.0 | $(0.7) | | **Adjusted Net Income** | **$8.4** | **$7.4** | | **Adjusted EPS, diluted** | **$0.51** | **$0.46** |

Third Quarter 2024 Highlights: Net Sales $748 Million; Conversion Revenue $362 MillionNet Income $12 Million; Net Income per Diluted Share $0.74Adjusted Net Income $8 Million; Adjusted Net Income per Diluted Share $0.51Adjusted EBITDA $50 Million and Adjusted EBITDA Margin 13.9%; Inclusive of $4 Million GAAP LIFO ChargeDeclared Quarterly Dividend of $0.77 FRANKLIN, Tenn., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ: KALU) (the "Company" or "Kaiser"), a leading producer of semi-fabr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 1-09447 KAISER ALUMINUM CORPORATION (Exact name of registrant as specified in its charter) Delaware 94-3030279 (State of inc ...

Kaiser Aluminum (KALU) came out with quarterly earnings of $0.65 per share, missing the Zacks Consensus Estimate of $0.94 per share. This compares to earnings of $1.26 per share a year ago. These figures are adjusted for non-recurring items. Kaiser shares have added about 36.6% since the beginning of the year versus the S&P 500's gain of 16.5%. Ahead of this earnings release, the estimate revisions trend for Kaiser: unfavorable. While the magnitude and direction of estimate revisions could change following ...

Management Commentary "Our business continued to perform well during the second quarter as demand met or exceeded our expectations," said Keith A. Harvey, President and Chief Executive Officer. "Importantly, aerospace/high strength demand remained steady at strong levels, illustrating the benefits of our diversified product mix. Our net income of $3 million and adjusted EBITDA of $54 million reflected the impact of a $9 million unfavorable non-cash LIFO charge related to significant inventory reductions we ...

Available Information About Kaiser Aluminum Corporation This press release contains statements based on management's current expectations, estimates and projections that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) general econom ...