Foothill Ranch-based specialty aluminum products maker Kaiser Aluminum Corp. reported better-than-expected results for the second quarter.
Kaiser Aluminum's shares rose 7% during morning trading, bringing its market value to just more than $1 billion.
Revenue was $345 million, up 2% from a year earlier. Analysts on average had expected sales of $339.6 million.
The company notched a profit of $21 million, compared with $4 million a year ago. Analysts had expected about $15 million in profit for the recent quarter.
Kaiser Aluminum’s shipments totaled 147 million pounds, about 1% more than the year-ago quarter.
“These results reflect higher volume driven by strong aerospace and automotive demand, improved pricing and greater overall operating leverage,” Chief Executive Jack Hockema said in a statement.
The company had $711 million in sales for the first half of the year, up 7.6% from the same period a year earlier.
Its profit for the half-year was $48 million, up from $15 million for the same period a year earlier.