KAISER ALUMINUM CORP (KALU) SEC Filing 10-Q Quarterly report for the period ending Friday, March 31, 2017

Subscribe PDF Word MS-Excel Facebook Twitter Google+ Evernote Reddit E-mail Ask 9W Smartphone and Tablet last10k.com/sec-filings/kalu/0000811596-17-000018.htm



Exhibit 99.1
Kaiser Aluminum Corporation Reports
First Quarter 2017 Financial Results

First Quarter 2017 Results and Business Highlights:
Net Sales $355 Million; Value Added Revenue Down 3% on Higher Shipments
Net Income $36 Million; Adjusted EBITDA $54 Million; Adjusted EBITDA Margin 27%
Solid Demand For Our General Engineering Applications Drove Higher Sales
Improved Manufacturing Efficiencies Across the Platform Offset Construction-Related Inefficiencies
Share Repurchases of ~$33 Million; $100 Million Increase in Repurchase Authorization

FOOTHILL RANCH, Calif., April 19, 2017 - Kaiser Aluminum Corporation (NASDAQ:KALU) today announced first quarter 2017 results, reporting net income of $36 million, or $2.04 earnings per diluted share, up from net income and earnings per diluted share of $26 million and $1.44, respectively, for the prior year period. Excluding the impact of non-run-rate items, adjusted net income was $27 million, or $1.52 per diluted share, for the first quarter 2017, compared to adjusted net income of $28 million, or $1.51 per diluted share, for the first quarter 2016.

First Quarter 2017 Summary

“Overall, we achieved solid first quarter results,” said Jack A. Hockema, Chairman and Chief Executive Officer. “As we discussed during our February earnings call, market-driven headwinds from lower sales margins and commercial aerospace supply chain destocking, combined with internal headwinds related to planned construction-related inefficiencies at our Trentwood rolling mill, negatively impacted our first quarter results. Despite these headwinds, our first quarter 2017 adjusted EBITDA and adjusted EBITDA margin were comparable to the strong prior year period driven by solid operating performance and improved costs.

“Total shipments increased 3% compared to the prior year quarter. Significantly higher general engineering shipments reflected strong real demand and supply chain restocking in first quarter 2017 compared to destocking in the prior year quarter. The increase in general engineering shipments more than offset the impact of lower aerospace shipments due to supply chain destocking. However, the decline in value added revenue and sales margins reflected the impact of a lower value added product mix, competitive price pressure, and higher contained metal costs that squeezed margins on certain non-contract sales. The unfavorable sales impact during the quarter was largely offset by favorable price spreads on scrap raw material purchases and lower major maintenance and overhead costs. Significantly improved manufacturing efficiency across our extrusion/drawn facilities more than offset the temporary construction-related inefficiencies at Trentwood.

“Beyond the financial results, during the first quarter we returned approximately $42 million of cash to shareholders including $9 million of dividends and $33 million of share repurchases comparable to the total repurchases completed in 2016. In addition, the Board recently authorized an additional $100 million for ongoing share repurchases, reconfirming confidence in our long-term outlook for the business.

“The Trentwood strategic investment and modernization project is proceeding as planned, and the facility is now preparing to embark upon more significant construction activities and equipment outages scheduled for the second quarter. As we have previously discussed and consistent with our first half 2017 outlook, construction activity will have a significant impact on our second quarter results as we complete this next phase to expand capacity and improve our competitive cost position,” stated Mr. Hockema.







The following information was filed by KAISER ALUMINUM CORP on Wednesday, April 19, 2017 as an 8K 2.02 statement, which is a press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

 Please wait while we load the requested 10-Q Quarterly report. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kalu331201710-q.htm

Companies may provide additional information to their SEC Filings as exhibits. Click a link below to view an exhibit that was filed with this report:

Exhibit 10.6 - DESCRIPTION OF 2017 SHORT-TERM INCENTIVE UMBRELLA PLAN

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit106-3312017x10q.htm
Exhibit 10.7 - DESCRIPTION OF 2017 LONG-TERM INCENTIVE UMBRELLA PLAN

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit107-3312017x10q.htm
Exhibit 31.1 - SECTION 302-JACK A. HOCKEMA

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit311-3312017x10xq.htm
Exhibit 31.2 - SECTION 302 CERTIFICATION - DANIEL J. RINKENBERGER

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit312-3312017x10xq.htm
Exhibit 32.1 - SECTION 906 CERTIFICATION - JACK A. HOCKEMA

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit321-3312017x10xq.htm
Exhibit 32.2 - SECTION 906 CERTIFICATION - DANIEL J. RINKENBERGER

 Please wait while we load the requested exhibit. If it does not load, please click the link below:

 https://www.last10k.com/sec-filings/report/811596/000081159617000018/kaluexhibit322-3312017x10xq.htm
  • Form Type: Quarterly
  • Number of times amended: 0
  • Accession Number: 0000811596-17-000018
  • Submitted to the SEC: Friday, April 21, 2017
  • Accepted by the SEC: Friday, April 21, 2017
  • Period Ending: March 2017
Companies
 

KALU Morningstar

KAISER ALUMINUM CORP

$99.85 -0.12 (-0.12%)

Day's Range:
$99.70 to $102.35

52-Week Range:
$69.41 to $108.99

Volume:
206,803

Volume (Avg):
121,018

Earnings per Share:
$4.55

PEG / Short / PE Ratios:
2.17 / 6.40 / 21.93

Market Cap:
$1.68B

Book Value:
45.64

EBITDA:
$203.30M

Sponsored links