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Tuesday, Mar 19, 2024
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Kaiser Aluminum Beats Expectations

Kaiser Aluminum Corp. beat Wall Street expectations on revenue and earnings for the fourth quarter and full year.

The Foothill Ranch-based maker of semi-fabricated aluminum products posted net income of $15.6 million, or 85 cents per share, for the quarter. Earnings totaled $71.8 million, or $3.86 per share, for the year.

Net income, adjusted for non-recurring gains, was $62.8 million or $3.38 per share, for the full year and $15.5 million or 85 cents per share for the fourth quarter.

Analysts expected earnings of 82 cents for the quarter and $3.37 per share for the year.

The company also beat Wall Street’s revenue outlook.

Its net sales totaled $338 million for the fourth quarter, compared with analysts’ expectations of $325 million. Full-year net sales totaled $1.35 billion; analysts anticipated $1.34 billion.

Kaiser shapes aluminum into custom pieces for the defense, aviation and auto industries.

“During the year we established new records for heat treat plate, automotive extrusions, and total shipments,” said Kaiser Aluminum Chief Executive and President Jack Hockema said in a statement. “These records were achieved despite the ongoing impact of the supply chain inventory overhang on demand for our aerospace products.”

The company released the results after markets closed for the day. It shares were about even at $71.55 and a market value of about $1.27 billion.

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