Kaiser Aluminum Corp

NASDAQ:KALUUnited States

04:30 PM EDT, 10/23/2024 (MT Newswires) -- ...

Net income $ 12.0 $ 5.4 $ 39.7 $ 39.6 ====== ====== ======= ======= Net income per common share: Basic $ 0.75 $ 0.34 $ 2.47 $ 2.48 Diluted(2) $ 0.74 $ 0.34 $ 2.44 $ 2.46 Weighted-average number of common shares outstanding (in thousands): Basic 16,087 15,995 16,062 15,970 Diluted(2) 16,335 16,154 16,291 16,110 1. Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table. 2. Diluted shares for EPS are calculated using the two-class method for the quarter and nine months ended September 30, 2024 and the treasury stock method for the quarter and nine months ended September 30, 2023. Summary of Cash Flows - Consolidated (Unaudited)(1) (In millions of dollars) Nine Months Ended September 30, --------------------------------------- 2024 2023 ----------------- ---------------- Total cash provided by (used in): Operating activities $ 123.7 $ 137.6 Investing activities $ (118.6) $ (105.0) Financing activities $ (41.8) $ (41.2) 1. Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table. Kaiser Aluminum Corporation and Subsidiary Companies Consolidated Balance Sheets (Unaudited)(1) (In millions of dollars, except share and per share amounts) As of September 30, 2024 As of December 31, 2023 ---------------------- ----------------------- ASSETS Current assets: Cash and cash equivalents $ 45.7 $ 82.4 Receivables: Trade receivables, net 370.2 325.2 Other 0.9 12.4 Contract assets 62.0 58.5 Inventories 473.9 477.2 Prepaid expenses and other current assets 42.2 34.5 --- ----------------- --- ------------------ Total current assets 994.9 990.2 Property, plant and equipment, net 1,100.4 1,052.1 Operating lease assets 27.6 32.6 Deferred tax assets, net 6.3 6.0 Intangible assets, net 46.6 50.0 Goodwill 18.8 18.8 Other assets 116.8 117.7 --- ----------------- --- ------------------ Total assets $ 2,311.4 $ 2,267.4 === ================= === ================== LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 275.4 $ 252.7 Accrued salaries, wages and related expenses 51.9 53.0 Other accrued liabilities 54.9 64.3 Total current liabilities 382.2 370.0 Long-term portion of operating lease liabilities 25.2 29.2 Pension and other postretirement benefits 77.6 76.8 Net liabilities of Salaried VEBA 3.7 3.8 Deferred tax liabilities 23.7 13.9 Long-term liabilities 90.8 81.7 Long-term debt, net 1,041.2 1,039.8 --- ----------------- --- ------------------ Total liabilities 1,644.4 1,615.2 Commitments and contingencies Stockholders' equity: Preferred stock, 5,000,000 shares authorized at both September 30, 2024 and December 31, 2023; no shares were issued and outstanding at September 30, 2024 and December 31, 2023 -- -- Common stock, par value $0.01, 90,000,000 shares authorized at both September 30, 2024 and December 31, 2023; 22,923,041 shares issued and 16,087,755 shares outstanding at September 30, 2024; 22,851,077 shares issued and 16,015,791 shares outstanding at December 31, 2023 0.2 0.2 Additional paid in capital 1,114.6 1,104.7 Retained earnings 11.8 10.1 Treasury stock, at cost, 6,835,286 shares at both September 30, 2024 and December 31, 2023 (475.9) (475.9) Accumulated other comprehensive income 16.3 13.1 --- ----------------- --- ------------------ Total stockholders' equity 667.0 652.2 --- ----------------- --- ------------------ Total liabilities and stockholders' equity $ 2,311.4 $ 2,267.4 === ================= === ================== 1. Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table. Reconciliation of Non-GAAP Measures - Consolidated (Unaudited) (In millions of dollars, except per share amounts) Quarter Ended Nine Months Ended September 30, September 30, ----------------- ------------------- 2024 2023 2024 2023 -------- ------ --------- ------- GAAP net income $ 12.0 $ 5.4 $ 39.7 $ 39.6 Interest expense 10.7 11.4 $ 33.3 35.4 Other (income) expense, net (8.7) 2.2 $ (19.1) (8.9) Income tax provision 3.4 0.1 $ 11.7 8.0 ---- ----- ----- ------ GAAP operating income 17.4 19.1 65.6 74.1 Mark-to-market (gain) loss(1) -- (0.3) 2.2 (0.2) Restructuring costs 0.7 1.6 7.6 4.2 Non-cash asset impairment charge -- -- 0.4 -- Other operating NRR loss(2,3) 3.3 -- 3.7 -- ---- ----- ----- ------ Operating income, excluding operating NRR items 21.4 20.4 79.5 78.1 Depreciation and amortization 29.0 27.2 86.8 79.9 ---- ----- ----- ------ Adjusted EBITDA(4) $ 50.4 $ 47.6 $ 166.3 $ 158.0 ==== ===== ===== ====== GAAP net income $ 12.0 $ 5.4 $ 39.7 $ 39.6 Operating NRR items 4.0 1.3 $ 13.9 4.0 Non-operating NRR items(5) (8.6) 1.4 $ (19.1) (10.3) Tax impact of above NRR items 1.0 (0.7) $ 1.1 1.2 ---- ----- ----- ------ Adjusted net income $ 8.4 $ 7.4 $ 35.6 $ 34.5 ==== ===== ===== ====== Net income per share, diluted(6) $ 0.74 $ 0.34 $ 2.44 $ 2.46 Adjusted earnings per diluted share(6) $ 0.51 $ 0.46 $ 2.18 $ 2.14 1. Mark-to-market (gain) loss on derivative instruments includes the (gain) loss on non-designated commodity hedges. Adjusted EBITDA reflects the impact realized upon settlement. 2. NRR is an abbreviation for non-run-rate; NRR items are pre-tax. 3. Other operating NRR items primarily represent the impact of adjustments to legacy environmental accruals. 4. Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization. 5. Non-operating NRR items represent the impact of non-cash net periodic benefit cost related to the Salaried VEBA excluding service cost, gains recorded from the sale of land, and gains recorded from business interruption insurance recoveries. 6. Diluted shares for EPS are calculated using the two-class method for the quarter and nine months ended September 30, 2024 and the treasury stock method for the quarter and nine months ended September 30, 2023.