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 ...

[Executive Summary](index=1&type=section&id=Executive%20Summary) Kaiser Aluminum reported solid Q2 demand, particularly in aerospace, but financial results were impacted by a **$9 million** LIFO charge, leading to a revised 2024 outlook reflecting lower jet build rates and an extended facility outage Q2 2024 Key Financial Highlights | Metric | Value (in millions) | | :--- | :--- | | Net Sales | $773 | | Conversion Revenue | $369 | | Net Income | $3 | | Net Income per Diluted Share | $0.19 | | Adjusted Net Income | $11 | | Adjusted Net Income per Diluted Share | $0.65 | | Adjusted EBITDA | $54 | | Adjusted EBITDA Margin | 14.5% | - Management noted that while demand was strong, net income of **$3 million** and adjusted EBITDA of **$54 million** were negatively affected by a **$9 million** non-cash LIFO charge related to significant inventory reductions[4](index=4&type=chunk) - The company revised its 2024 financial outlook due to reduced commercial jet build rates and an extended outage at the Warrick facility during the second quarter[4](index=4&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Q2 2024 financial performance declined year-over-year across key metrics, including net sales and adjusted EBITDA, primarily due to lower shipment volumes and operational challenges [Consolidated Results](index=2&type=section&id=Consolidated%20Results) In Q2 2024, consolidated net sales decreased to **$773 million** from **$814 million** in the prior-year period, driven by a 6% reduction in shipments, with net income dropping to **$3 million** compared to **$18 million** year-over-year, and adjusted EBITDA also declining by **$10 million** to **$54 million** Q2 2024 vs Q2 2023 Consolidated Results | Metric | Q2 2024 | Q2 2023 | Change | | :--- | :--- | :--- | :--- | | Shipments (millions of lbs.) | 297 | 314 | -5.4% | | Net Sales (in millions) | $773 | $814 | -5.0% | | Conversion Revenue (in millions) | $369 | $379 | -2.6% | | Net Income (in millions) | $3 | $18 | -83.3% | | Adjusted EBITDA (in millions) | $54 | $64 | -15.6% | | Adjusted EBITDA Margin | 14.5% | 16.8% | -230 bps | - The decrease in net sales was primarily driven by a **6% reduction** in shipments compared to the prior year period[10](index=10&type=chunk) - Adjusted net income for Q2 2024 was **$11 million** (**$0.65 per diluted share**), a decrease from **$20 million** (**$1.26 per diluted share**) in Q2 2023[12](index=12&type=chunk) [Segment Performance](index=4&type=section&id=Segment%20Performance) Q2 2024 segment performance varied, with aerospace showing resilience, packaging significantly impacted by an outage, and general engineering and automotive extrusions reporting modest growth Q2 2024 Conversion Revenue by Application (vs. Q2 2023, in millions) | Application | Net Sales | Conversion Revenue | Change in Conversion Revenue | | :--- | :--- | :--- | :--- | | Aerospace/High Strength | $226 | $133 | +2% | | Packaging | $312 | $119 | -11% | | General Engineering | $163 | $83 | Modest Increase | | Automotive Extrusions | $70 | $33 | +9% | - The **11% decrease** in packaging conversion revenue was mainly due to an **11% reduction** in shipments resulting from an unplanned outage at the Warrick facility[18](index=18&type=chunk) - Automotive extrusions conversion revenue increased by **9%**, driven by a modest increase in shipments and improved pricing[18](index=18&type=chunk) [Cash Flow and Liquidity](index=4&type=section&id=Cash%20Flow%20and%20Liquidity) As of June 30, 2024, the company maintained a strong liquidity position of **$618 million** with no outstanding revolving credit borrowings, while funding capital investments and returning capital to stockholders - As of June 30, 2024, total liquidity was **$618 million**, comprising **$70 million** in cash and **$548 million** in borrowing availability under the revolving credit facility[15](index=15&type=chunk) - In the first half of 2024, the company funded **$74 million** of capital investments and returned **$25 million** to stockholders via dividends[14](index=14&type=chunk) - A quarterly cash dividend of **$0.77 per share** was declared on July 15, 2024, payable on August 15, 2024[16](index=16&type=chunk) [2024 Outlook](index=4&type=section&id=2024%20Outlook) Kaiser Aluminum revised its full-year 2024 guidance, anticipating flat to 1% conversion revenue growth and improved adjusted EBITDA margins, reflecting a cautious aerospace outlook and packaging recovery Full Year 2024 Guidance | Metric | Outlook (vs. 2023) | | :--- | :--- | | Conversion Revenue | Flat to Up 1% | | Adjusted EBITDA Margins | Improve 50 to 100 basis points | - The near-term outlook for the commercial aerospace market is cautious due to lower than expected 2024 build rates, which will reduce anticipated shipments and conversion revenue[17](index=17&type=chunk) - Packaging shipments are expected to improve from levels that were negatively impacted by outages in the first half of 2024[17](index=17&type=chunk) [Financial Statements and Reconciliations](index=8&type=section&id=Financial%20Statements%20and%20Reconciliations) This section provides unaudited consolidated financial statements as of June 30, 2024, including income statements, balance sheets, cash flows, and reconciliations of GAAP to non-GAAP measures [Statements of Consolidated Income](index=8&type=section&id=Statements%20of%20Consolidated%20Income) The unaudited Statements of Consolidated Income show a net income of **$3.1 million** for Q2 2024, a significant decrease from **$18.3 million** in Q2 2023, primarily due to lower net sales of **$773.4 million** (vs. **$814.1 million** YoY) and an increase in restructuring costs to **$6.8 million** (vs. **$1.2 million** YoY) Q2 2024 Statement of Income Highlights (in millions) | Line Item | Q2 2024 | Q2 2023 | | :--- | :--- | :--- | | Net sales | $773.4 | $814.1 | | Operating income | $15.5 | $35.9 | | Income before income taxes | $3.9 | $21.3 | | Net income | $3.1 | $18.3 | [Consolidated Balance Sheets](index=9&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2024, the company's consolidated balance sheet showed total assets of **$2.32 billion**, a slight increase from **$2.27 billion** at year-end 2023, with total liabilities increasing to **$1.65 billion** from **$1.62 billion**, while total stockholders' equity rose to **$662.0 million** Balance Sheet Highlights (in millions) | Account | June 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Cash and cash equivalents | $70.4 | $82.4 | | Inventories | $446.9 | $477.2 | | Total current assets | $1,010.5 | $990.2 | | Total assets | $2,315.7 | $2,267.4 | | Long-term debt, net | $1,040.7 | $1,039.8 | | Total liabilities | $1,653.7 | $1,615.2 | | Total stockholders' equity | $662.0 | $652.2 | [Summary of Cash Flows](index=11&type=section&id=Summary%20of%20Cash%20Flows) For the six months ended June 30, 2024, cash provided by operating activities was **$89.6 million**, a significant improvement from **$47.8 million** in the same period of 2023, with cash used in investing activities increasing to **$73.6 million**, while cash used in financing activities was **$28.0 million** Six Months Ended June 30 Cash Flows (in millions) | Activity | 2024 | 2023 | | :--- | :--- | :--- | | Operating activities | $89.6 | $47.8 | | Investing activities | $(73.6) | $(67.7) | | Financing activities | $(28.0) | $(13.0) | [Reconciliation of Non-GAAP Measures](index=10&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section provides a detailed reconciliation from GAAP to non-GAAP measures, where for Q2 2024, GAAP operating income of **$15.5 million** was adjusted for **$9.0 million** in non-run-rate (NRR) items, including restructuring costs, to arrive at an adjusted operating income of **$24.5 million**, with adjusted EBITDA reaching **$53.5 million** after adding back depreciation and amortization Q2 2024 Reconciliation of GAAP Operating Income to Adjusted EBITDA (in millions) | Line Item | Q2 2024 | | :--- | :--- | | GAAP operating income | $15.5 | | Mark-to-market loss | $2.2 | | Restructuring costs | $6.8 | | Operating income, excluding operating NRR items | $24.5 | | Depreciation and amortization | $29.0 | | **Adjusted EBITDA** | **$53.5** | Q2 2024 Reconciliation of GAAP Net Income to Adjusted Net Income (in millions) | Line Item | Q2 2024 | | :--- | :--- | | GAAP net income | $3.1 | | Operating NRR items | $9.0 | | Non-operating NRR items | $0.7 | | Tax impact of above NRR items | $(2.2) | | **Adjusted net income** | **$10.6** | [Supplementary Information](index=5&type=section&id=Supplementary%20Information) This section provides additional investor information, including conference call details, business description, and important legal disclosures regarding non-GAAP financial measures and forward-looking statements - The company will host a conference call on **Thursday, July 25, 2024, at 10:00 am (Eastern Time)** to discuss its second quarter 2024 results[21](index=21&type=chunk) - The earnings release contains non-GAAP financial measures, including conversion revenue, adjusted EBITDA, and adjusted net income, which exclude non-run-rate items, and management uses these measures to monitor financial results and trends[24](index=24&type=chunk)[25](index=25&type=chunk) - The press release includes forward-looking statements that are subject to various risks and uncertainties, and the company undertakes no duty to update them[26](index=26&type=chunk)

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 ...