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Kaiser Aluminum (KALU) is scheduled to report first-quarter 2024 results on Apr 24, after market close.Q1 EstimatesThe Zacks Consensus Estimate for first-quarter total sales is pegged at $687.4 million, suggesting a decline of around 15% from the year-ago quarter’s reported figure. The consensus mark for the company’s earnings per share is pinned at 58 cents, indicating a decrease of 41% from the 99 cents reported in the first quarter of 2023.Q4 PerformanceKaiser Aluminium reported an improvement in earning ...

FRANKLIN, Tenn., April 15, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU) today announced that its Board of Directors has declared a quarterly cash dividend of $0.77 per share. The dividend will be payable on May 15, 2024 to stockholders of record as of the close of business on April 25, 2024. About Kaiser Aluminum Corporation Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide w ...

Kaiser Aluminum (KALU) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.Over the past month, shares of this aluminum products company have returned +22.7%, compared to the Zacks S&P 500 composite's +1.8% change. During this period, the Zacks Metal Products - Procurement and Fabrication industry, which Kaiser falls in, has gained 7.6%. The key question now is: What c ...

FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ 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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organizati ...

[Kaiser Aluminum Corporation Reports Fourth Quarter and Full Year 2023 Financial Results](index=1&type=section&id=Kaiser%20Aluminum%20Corporation%20Reports%20Fourth%20Quarter%20and%20Full%20Year%202023%20Financial%20Results) [Management Commentary](index=1&type=section&id=Management%20Commentary) Kaiser Aluminum achieved a full-year net income of $47 million and a 48% increase in adjusted EBITDA to $210 million in 2023, driven by strong aerospace performance and stabilizing destocking - Full year 2023 adjusted EBITDA increased **48%** over 2022 to approximately **$210 million**, with a net income of **$47 million**[3](index=3&type=chunk) - Aerospace products achieved record-high net sales and conversion revenue, benefiting from strong demand and the company's ability to flex capacity from its Trentwood facility[3](index=3&type=chunk) - Destocking for general engineering long products stabilized in Q4 2023, while destocking for food packaging products is expected to end by Q1 2024[3](index=3&type=chunk) - The company maintains strong liquidity of nearly **$600 million** to support growth initiatives, including a new roll coat installation scheduled for completion by year-end[3](index=3&type=chunk) [Fourth Quarter 2023 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202023%20Financial%20Highlights) Q4 2023 saw a net income of $8 million, a significant improvement from a $26 million loss, with adjusted EBITDA increasing to $52 million Q4 2023 Key Financial Metrics | Metric | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Net Sales | $722 Million | $776 Million | | Conversion Revenue | $361 Million | $356 Million | | Net Income (Loss) | $8 Million | ($26 Million) | | Adjusted Net Income (Loss) | $10 Million | ($6 Million) | | Adjusted EBITDA | $52 Million | $30 Million | | Adjusted EBITDA Margin | 14.3% | 8.4% | | Diluted EPS | $0.47 | ($1.66) | | Adjusted Diluted EPS | $0.60 | ($0.35) | - Net sales decreased due to a **6%** decrease in shipments, partially offset by an **8%** increase in conversion revenue per pound[10](index=10&type=chunk) - Adjusted EBITDA increased by **$22 million** year-over-year, driven by improved operational performance and a more favorable product mix[13](index=13&type=chunk) [Full Year 2023 Financial Results](index=1&type=section&id=Full%20Year%202023%20Financial%20Results) Full year 2023 net income reached $47 million, reversing a prior-year loss, with adjusted EBITDA significantly increasing by 48% to $210 million Full Year 2023 Key Financial Metrics | Metric | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net Sales | $3.1 Billion | $3.4 Billion | | Conversion Revenue | $1.47 Billion | $1.38 Billion | | Net Income (Loss) | $47 Million | ($30 Million) | | Adjusted Net Income (Loss) | $44 Million | ($9 Million) | | Adjusted EBITDA | $210 Million | $142 Million | | Adjusted EBITDA Margin | 14.3% | 10.3% | | Diluted EPS | $2.92 | ($1.86) | | Adjusted Diluted EPS | $2.74 | ($0.55) | - The decrease in full-year net sales was driven by a **5%** decrease in shipments and a **5%** decrease in average selling price, which was impacted by a **17%** decrease in underlying metal costs[14](index=14&type=chunk) - Conversion revenue increased by **6%** year-over-year, driven by a **12%** increase in conversion revenue per pound[14](index=14&type=chunk) [Segment Performance](index=3&type=section&id=Segment%20Performance) Aerospace/High Strength led segment performance with a 50% increase in conversion revenue, while Packaging and General Engineering faced declines due to destocking Q4 2023 Segment Conversion Revenue (vs. Q4 2022) | Segment | Conversion Revenue | YoY Change | | :--- | :--- | :--- | | Aerospace/High Strength | $146 million | +42% | | Packaging | $118 million | -12% | | General Engineering | $69 million | -25% | | Automotive Extrusions | $27 million | +6% | Full Year 2023 Segment Conversion Revenue (vs. FY 2022) | Segment | Conversion Revenue | YoY Change | | :--- | :--- | :--- | | Aerospace/High Strength | $533 million | +50% | | Packaging | $503 million | -9% | | General Engineering | $305 million | -17% | | Automotive Extrusions | $116 million | +21% | [Cash Flow, Liquidity, and Outlook](index=4&type=section&id=Cash%20Flow%2C%20Liquidity%2C%20and%20Outlook) Kaiser Aluminum maintained strong liquidity of $599 million at year-end 2023 and anticipates 2-3% conversion revenue growth and 70-170 basis point adjusted EBITDA margin expansion in 2024 - As of December 31, 2023, total liquidity was **$599 million**, with no outstanding borrowings under the revolving credit facility[20](index=20&type=chunk) - Full year 2023 adjusted EBITDA of **$210 million** funded **$143 million** in capital investments, **$44 million** in interest payments, and **$50 million** in dividends[19](index=19&type=chunk) - The company declared a quarterly cash dividend of **$0.77 per share**, paid on February 15, 2024[21](index=21&type=chunk) - 2024 Outlook: Expects conversion revenue to improve **2-3%** and adjusted EBITDA margins to improve **70-170 basis points** over 2023[23](index=23&type=chunk) - Outlook by segment: Strong momentum in aerospace, improvement in packaging as destocking ends, abating destocking in general engineering in H1, and a modest recovery in automotive[22](index=22&type=chunk) [Financial Statements and Non-GAAP Reconciliation](index=7&type=section&id=Financial%20Statements%20and%20Non-GAAP%20Reconciliation) [Statements of Consolidated Income (Loss)](index=7&type=section&id=Statements%20of%20Consolidated%20Income%20(Loss)) The consolidated income statement for 2023 shows net sales of $3.087 billion and a net income of $47.2 million, a significant improvement from the prior year's loss Consolidated Income Statement (Year Ended Dec 31, In millions of dollars) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net sales | $3,087.0 | $3,427.9 | | Total costs and expenses | $2,991.2 | $3,423.9 | | **Operating income** | **$95.8** | **$4.0** | | Income (loss) before income taxes | $56.3 | ($37.9) | | **Net income (loss)** | **$47.2** | **($29.6)** | | Diluted net income (loss) per share | $2.92 | ($1.86) | [Consolidated Balance Sheets](index=8&type=section&id=Consolidated%20Balance%20Sheets) As of December 31, 2023, total assets were $2.267 billion, with total liabilities at $1.615 billion and stockholders' equity increasing to $652.2 million Consolidated Balance Sheet (As of Dec 31, In millions of dollars) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **ASSETS** | | | | Total current assets | $990.2 | $1,042.6 | | Property, plant and equipment, net | $1,052.1 | $1,013.2 | | **Total assets** | **$2,267.4** | **$2,288.8** | | **LIABILITIES & EQUITY** | | | | Total current liabilities | $370.0 | $418.7 | | Long-term debt, net | $1,039.8 | $1,038.1 | | **Total liabilities** | **$1,615.2** | **$1,657.6** | | **Total stockholders' equity** | **$652.2** | **$631.2** | | **Total liabilities and stockholders' equity** | **$2,267.4** | **$2,288.8** | [Reconciliation of Non-GAAP Measures - Consolidated](index=9&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures%20-%20Consolidated) The company reconciles GAAP to non-GAAP measures, adjusting 2023 GAAP operating income of $95.8 million to an Adjusted EBITDA of $209.6 million and GAAP net income to $44.3 million FY 2023 Reconciliation of GAAP Operating Income to Adjusted EBITDA (In millions of dollars) | Metric | Full Year 2023 | | :--- | :--- | | GAAP operating income | $95.8 | | Operating NRR items | $5.2 | | Operating income, excluding NRR items | $101.0 | | Depreciation and amortization | $108.6 | | **Adjusted EBITDA** | **$209.6** | FY 2023 Reconciliation of GAAP Net Income to Adjusted Net Income (In millions of dollars) | Metric | Full Year 2023 | | :--- | :--- | | GAAP net income | $47.2 | | Operating NRR items | $5.2 | | Non-operating NRR items | ($8.9) | | Tax impact of above NRR items | $0.8 | | **Adjusted net income** | **$44.3** |

PART I – FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section presents Kaiser Aluminum Corporation's unaudited interim consolidated financial statements and accompanying notes for the period ending September 30, 2023 [Consolidated Financial Statements](index=3&type=section&id=Consolidated%20Financial%20Statements) The company reported improved net income and positive operating cash flow for Q3 and YTD 2023, with stable total assets and decreased liabilities Consolidated Balance Sheet Highlights (in millions) | Account | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $44.6 | $57.4 | | Inventories | $488.6 | $525.4 | | Total current assets | $984.4 | $1,042.6 | | Property, plant and equipment, net | $1,057.5 | $1,013.2 | | **Total Assets** | **$2,268.1** | **$2,288.8** | | **Liabilities & Equity** | | | | Accounts payable | $243.2 | $305.1 | | Total current liabilities | $367.0 | $418.7 | | Long-term debt, net | $1,039.4 | $1,038.1 | | **Total Liabilities** | **$1,627.4** | **$1,657.6** | | **Total Stockholders' Equity** | **$640.7** | **$631.2** | Consolidated Income Statement Highlights (in millions, except per share data) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net sales | $743.6 | $748.9 | $2,365.3 | $2,651.9 | | Operating income | $19.1 | $3.0 | $74.1 | $26.2 | | Net income (loss) | $5.4 | $2.5 | $39.6 | $(3.2) | | Diluted EPS | $0.34 | $0.16 | $2.46 | $(0.20) | Consolidated Cash Flow Highlights (in millions) | Cash Flow Activity | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $137.6 | $(58.6) | | Net cash used in investing activities | $(105.0) | $(71.7) | | Net cash used in financing activities | $(41.2) | $(43.2) | | Net decrease in cash | $(8.6) | $(173.5) | [Notes to Interim Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Interim%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, a headquarters relocation restructuring plan, derivative hedging, long-term debt, environmental remediation, and the company's single operating segment - The company initiated a restructuring plan in 2022 for its headquarters relocation, with **$6.3 million** of an estimated **$8 million** in costs incurred through September 30, 2023[41](index=41&type=chunk) - Kaiser Aluminum utilizes derivative contracts to hedge against price risks in aluminum, energy, and foreign currency, not for speculative purposes[43](index=43&type=chunk) - Total long-term debt was **$1,039.4 million** as of September 30, 2023, with **$529.5 million** remaining available under its **$575.0 million** revolving credit facility[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - An environmental accrual of **$17.8 million** exists for remediation activities, with potential undiscounted costs possibly exceeding current accruals by up to an estimated **$11.6 million**[69](index=69&type=chunk)[70](index=70&type=chunk) - The Board of Directors declared a quarterly cash dividend of **$0.77 per common share** on October 12, 2023[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 financial performance, noting a slight sales decrease, significant Adjusted EBITDA growth, strong liquidity, and a mixed demand outlook [Results of Operations](index=29&type=section&id=Results%20of%20Operations) Q3 2023 net sales slightly decreased due to lower prices, despite increased shipments, while Adjusted EBITDA significantly improved driven by volume, pricing, and cost reductions Shipments by End Market (millions of pounds) | End Market | Q3 2023 | Q3 2022 | % Change | | :--- | :--- | :--- | :--- | | Aero/HS Products | 64.2 | 38.0 | +69% | | Packaging | 154.4 | 147.5 | +5% | | GE Products | 53.0 | 69.6 | -24% | | Automotive Extrusions | 25.6 | 24.1 | +6% | | **Total Shipments** | **299.3** | **281.9** | **+6%** | Adjusted EBITDA Reconciliation (in millions) | Metric | Q3 2023 | Q3 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Net income (loss) | $5.4 | $2.5 | $39.6 | $(3.2) | | Interest expense | $11.4 | $12.1 | $35.4 | $36.5 | | Income tax provision | $0.1 | $1.1 | $8.0 | $0.3 | | Depreciation and amortization | $27.2 | $25.8 | $79.9 | $80.4 | | Non-run-rate items | $1.3 | $(0.1) | $4.0 | $5.6 | | **Adjusted EBITDA** | **$47.6** | **$28.7** | **$158.0** | **$112.2** | - The increase in Q3 2023 Adjusted EBITDA was primarily driven by improved volume and pricing, and lower freight and energy costs, partially offset by higher labor and maintenance expenses[110](index=110&type=chunk) [Outlook](index=33&type=section&id=Outlook) The company anticipates mixed demand, with strengthening aerospace offset by destocking in packaging and general engineering, projecting Q4 2023 Adjusted EBITDA to be stable or slightly higher - Commercial aerospace demand is expected to strengthen, potentially reaching or exceeding pre-pandemic 2019 levels by year-end 2023[115](index=115&type=chunk) - Packaging shipments are projected to decline due to destocking and fourth-quarter seasonality[115](index=115&type=chunk) - GE products demand is anticipated to decline due to ongoing plate destocking and seasonal factors[115](index=115&type=chunk) - Consolidated adjusted EBITDA for Q4 2023 is expected to be in line with or slightly higher than Q4 2022 results[116](index=116&type=chunk) [Liquidity and Capital Resources](index=33&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity of **$574.1 million**, with projected 2023 capital expenditures of **$170-180 million**, including an increased cost for the Warrick facility expansion Liquidity Summary (in millions) | Component | Sep 30, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Available cash and cash equivalents | $44.6 | $57.4 | | Borrowing availability under Revolving Credit Facility | $529.5 | $557.8 | | **Total liquidity** | **$574.1** | **$615.2** | - Anticipated capital spending for 2023 is approximately **$170.0 million to $180.0 million**[131](index=131&type=chunk) - The estimated cost for the Warrick facility's fourth roll coat line project increased from **$150 million** to approximately **$250 million** due to inflation and scope changes[130](index=130&type=chunk) - The company has consistently paid a quarterly cash dividend since 2007, with the most recent being **$0.77 per share**[133](index=133&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company addresses market risks from commodity and currency fluctuations using derivative contracts, with sensitivity analyses quantifying potential impacts on fair value - A hypothetical **$0.10/lb** decrease in LME aluminum price would result in a **$7.2 million** unrealized mark-to-market loss on derivative positions[148](index=148&type=chunk) - A hypothetical **$1.00/mmbtu** decrease in natural gas prices would result in a **$3.1 million** unrealized mark-to-market loss on derivative positions[150](index=150&type=chunk) - A hypothetical **10%** decrease in hedged foreign currency exchange rates would result in a **$0.4 million** unrealized mark-to-market loss[152](index=152&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting - The principal executive and financial officers concluded that disclosure controls and procedures were effective as of September 30, 2023[153](index=153&type=chunk) - No material changes in internal control over financial reporting occurred during the nine months ended September 30, 2023[154](index=154&type=chunk) PART II – OTHER INFORMATION [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material developments in legal proceedings since December 31, 2022 - No material developments in legal proceedings have occurred since December 31, 2022[156](index=156&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) The company reports no material changes to its risk factors since the December 31, 2022 Annual Report filing - No material changes in risk factors have occurred since December 31, 2022[157](index=157&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q3 2023, the company repurchased 346 shares for tax obligations, with **$93.1 million** remaining available under its stock repurchase program Share Repurchases in Q3 2023 | Period | Total Shares Purchased | Average Price per Share | Plan | Amount Remaining in Plan | | :--- | :--- | :--- | :--- | :--- | | July 2023 | 0 | N/A | N/A | $93.1M | | August 2023 | 346 | $75.92 | Equity Incentive Plan | $93.1M | | September 2023 | 0 | N/A | N/A | $93.1M | - As of September 30, 2023, **$93.1 million** remained authorized for future repurchases under the company's stock repurchase program[136](index=136&type=chunk)[158](index=158&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents

▪ Managing higher inflationary & other costs ▪ Reduction of net debt leverage 20 KEITH A. HARVEY PRESIDENT AND CHIEF EXECUTIVE OFFICER ▪ Strong diversified portfolio - secular demand growth for aerospace, packaging, and automotive with solid long-term market dynamics continuing to support growth in general engineering applications ▪ Financial strength and operational flexibility to manage a potential downturn | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------ ...

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, 2023 ☐ 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 ...

▪ Inflationary costs moderating but some costs remain stubbornly higher NEAL E. WEST EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER $ millions Shipments in millions lbs. ▪ Price/mix contributed to annual increase in LTM conversion revenue, despite destocking in packaging and general engineering markets ▪ Strength in aerospace volume, pricing & mix was the strongest contributor in the year over year comparisons ▪ Pricing remained strong across most end market applications as inflationary costs persisted ...