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Jun 30, 2023
Kaiser Aluminum Q2 2023 Earnings Report
Reported strong second quarter results driven by focused operational execution and rebounding demand in certain end markets.
Key Takeaways
Kaiser Aluminum Corporation reported second quarter 2023 results with net sales of $814 million and net income of $18 million. Adjusted EBITDA was $64 million, and liquidity remained strong at $558 million as of June 30, 2023. The company expects third quarter 2023 adjusted EBITDA and adjusted EBITDA margin to be in line with its adjusted first quarter 2023 results.
Net sales were $814 million; conversion revenue was $379 million.
Net income was $18 million; net income per diluted share was $1.14.
Adjusted EBITDA was $64 million; adjusted EBITDA margin was 16.8%.
Aerospace shipments and conversion revenue exceeded expectations due to strengthened demand.
Revenue by Segment
Forward Guidance
The Company expects its consolidated adjusted EBITDA and adjusted EBITDA margin in the third quarter 2023 to be in line with its adjusted first quarter 2023 results.
Positive Outlook
- Demand in commercial aerospace is expected to continue to strengthen and approach pre-pandemic levels by the end of 2023.
- Business jet, defense and space markets all remaining strong.
- Expects continued destocking, albeit at a lesser rate due to contractual minimums in place with its customers.
- In automotive, the Company expects the market to continue to recover.
- The Company pursues cost reductions in its operations, improves manufacturing efficiencies and continues commercial actions to improve pricing.
Challenges Ahead
- General engineering demand is expected to decline due to destocking and the anticipated seasonal decline typical of the third quarter.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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