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Kaiser Aluminum Announced Q2 and First Half 2019 Financial Results-The 21st China (Guangzhou ) Int’l Casting product Exhibition
8/21/2019 - casting expo-Die-casting expo-foundry expo |
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Mr Jack A. Hockema, Chairman and Chief Executive Officer said that “Kaiser Aluminum generated solid second quarter 2019 results despite the impact of the Trentwood planned maintenance outage on our largest casting complex, the hot line and large plate stretcher. Excellent planning and execution by our Trentwood team resulted in a one-time EBITDA impact from maintenance costs, operating inefficiencies, and lost production and shipments of approximately USD 10 million, substantially lower than the previously anticipated USD 15 million impact. Despite the production constraints, our aerospace shipments during the quarter continued to reflect a very strong order book. Similar to the first quarter 2019, general engineering shipments were constrained as we prioritized allocation of our heat treat plate capacity to meet aerospace customer commitments. Automotive shipments reflected the transition from programs reaching end-of-life to new program launches,” said Mr. Hockema.
Second Quarter 2019 Highlights
Net Sales USD USD 375 Million; Net Income USD 19 Million; Earnings per Diluted Share USD 1.18
Value Added Revenue USD 209 Million; Adjusted EBITDA USD 48 Million; Adjusted EBITDA Margin 22.7%
Adjusted Net Income USD 23 Million; Adjusted Earnings per Diluted Share USD 1.40
Excellent Execution of Planned Trentwood Outage ~USD 10 Million Impact
First Half 2019 Highlights:
Net Sales USD 771 Million; Net Income USD 47 Million; Earnings per Diluted Share USD 2.89
Value Added Revenue USD 428 Million; Adjusted EBITDA USD 104 Million; Adjusted EBITDA Margin 24.3%
Adjusted Net Income USD 53 Million; Adjusted Earnings per Diluted Share USD 3.24
Planned and Unplanned Trentwood Downtime ~USD 15 Million Impact
Second Half and Full Year 2019 Outlook
Mr Hockema said that “Although timing of the Boeing 737-MAX resolution is uncertain, our second half 2019 aerospace order book is strong with solid visibility well into 2020. We expect our new automotive programs will continue to gather momentum in the second half with increased year-over-year shipments, and, as we have noted previously, we remain very optimistic for strong automotive content growth in 2020-2021. Industrial demand also remains strong, but is moderating, and we anticipate normal seasonal demand weakness in the second half 2019.”
He added that “Our outlook for the full year 2019 remains unchanged. Despite the drag on first half results from planned and unplanned downtime at Trentwood, we continue to anticipate EBITDA margin above 25% and a low to mid-single digit percent year-over-year increase in both shipments and value added revenue.”
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-The 21st China (Guangzhou ) Int’l Casting product Exhibition
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