Kaiser Aluminum's second quarter 2024 results showed a decrease in net sales to $773 million compared to $814 million in the prior year period, driven by a 6% reduction in shipments. Net income was $3 million, impacted by a $9 million unfavorable non-cash LIFO charge. The company is revising its financial outlook due to reduced commercial jet build rates and an extended outage at the Warrick facility.
Net sales were $773 million; conversion revenue was $369 million.
Net income was $3 million, or $0.19 per diluted share.
Adjusted net income was $11 million, or $0.65 per diluted share.
Adjusted EBITDA was $54 million with a margin of 14.5%.
The Company expects demand across its end markets in 2024 to remain relatively consistent with 2023 with the potential for a modest upside. Accordingly, for the full year 2024, the Company expects conversion revenue to be flat to up 1% and adjusted EBITDA margins to improve 50 to 100 basis points over 2023.
Visualization of income flow from segment revenue to net income
Analyze how earnings announcements historically affect stock price performance