Kaiser Aluminum Q1 Results Beat Analyst Forecasts

SEATTLE (Scrap Monster): Kaiser Aluminum Corporation announced financial results for the first quarter of the current year. The quarterly results by the company surpassed analyst forecasts.

The net sales for the quarter recorded modest decline to $738 million, upon comparison with $808 million during the year-ago quarter. The Q1 2024 net income stood at $25 million, or $1.51 income per diluted share. This compares with net income and income per diluted share of $16 million and $0.99, respectively, in the prior year period. The adjusted net income per diluted share was $1.02 in Q1 2024, compared with adjusted net income of $0.42 per diluted share for the initial quarter of 2023. Kaiser Aluminum reported $62 million of adjusted EBITDA during Q1 2024.

The company expects demand to show improvement across the majority of its end markets throughout 2024. It maintained a more cautious outlook on demand from aerospace and high strength applications. It foresees 2-3% surge in conversion revenue for the full year 2024. Also, the EBITDA margins are expected to improve by 70-170 basis points over the previous year.

Keith A. Harvey, President and Chief Executive Officer noted that the investments made by the company will help it reap benefits from the next stage of its growth strategy in 2025.

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