Kaiser Aluminum(US:KALU)2025-04-23 20:40Financial Results and Adjustments - Kaiser Aluminum Corporation will release its Q1 2025 financial results on April 23, 2025, and host a conference call on April 24, 2025[1]. - For the year ended December 31, 2023, net income was adjusted to $67.8 million, up from $47.2 million previously reported, reflecting a $20.6 million increase due to the WAC change[5]. - The basic net income per share for 2023 increased from $2.95 to $4.25 after adjustments[5]. - For the year ended December 31, 2024, net income was adjusted to $65.7 million, an increase of $18.9 million from the previously reported figure[6]. - The basic net income per share for 2024 increased from $2.91 to $4.08 after adjustments[6]. - For the nine months ended September 30, 2024, net income was adjusted to $45.9 million, an increase of $6.2 million from the previously reported figure[8]. - The basic net income per share for the nine months ended September 30, 2024, increased from $2.47 to $2.85 after adjustments[8]. - For the year ended December 31, 2023, GAAP net income was $67.8 million, compared to $65.7 million for the year ended December 31, 2024, reflecting a year-over-year increase of approximately 3.2%[10]. Accounting Changes - The company changed its inventory accounting method from LIFO to weighted average cost (WAC) effective January 1, 2025, to improve comparability of operational results[3]. - The accounting change resulted in an increase to inventory and retained earnings of $46.8 million and $35.6 million, respectively, as of January 1, 2023[4]. - As of June 30, 2024, inventories increased to $532.7 million, reflecting an adjustment of $85.8 million due to the accounting change[7]. - The effect of inventory methodology change contributed $26.7 million to adjusted EBITDA for the year ended December 31, 2023, compared to $24.5 million for the year ended December 31, 2024, reflecting a decrease of approximately 8.2%[10]. Financial Performance Metrics - Adjusted EBITDA for the year ended December 31, 2023, was $236.3 million, while for the year ended December 31, 2024, it is projected to be $241.0 million, indicating a growth of about 2.0%[10]. - The company reported operating income, excluding non-run-rate items, of $127.7 million for the year ended December 31, 2023, compared to $124.6 million for the year ended December 31, 2024, showing an increase of approximately 2.5%[10]. - Interest expense decreased from $46.9 million for the year ended December 31, 2023, to $43.7 million for the year ended December 31, 2024, representing a reduction of about 6.8%[10]. - The company incurred restructuring costs of $5.0 million for the year ended December 31, 2023, which increased to $7.6 million for the year ended December 31, 2024, reflecting a rise of 52.0%[10]. - Depreciation and amortization expenses were $108.6 million for the year ended December 31, 2023, and are projected to increase to $116.4 million for the year ended December 31, 2024, indicating an increase of approximately 7.2%[10]. Market Focus - Kaiser Aluminum Corporation continues to focus on expanding its market presence in aerospace and high-strength applications, leveraging its expertise in semi-fabricated specialty aluminum products[12]. Other Financial Events - The company experienced a mark-to-market loss of $2.2 million in the quarter ended June 30, 2024, which was offset by a gain of $2.2 million in the quarter ended September 30, 2024[10]. - Non-cash asset impairment charges were recorded at $0.4 million for the year ended December 31, 2024[10].