Fourth Quarter and Full Year 2011 Financial Results
Full Year Highlights:
Value Added Revenue and Adjusted EBITDA Increased on Strong Aerospace and Automotive Demand
Continued Organic Investments in Growth Platform
Strengthened Liquidity and Financial Flexibility
FOOTHILL RANCH, Calif., February 15, 2012 - Kaiser Aluminum Corporation (NASDAQ:KALU) today reported preliminary, unaudited net income of $27 million or $1.40 earnings per diluted share for the full year 2011 compared to $14 million, or $0.72 per diluted share for the full year 2010. Excluding the impact of non-run-rate items, adjusted net income was $42 million or $2.20 per diluted share for the year ended 2011, compared to adjusted net income of $30 million or $1.56 per diluted share in the prior year.
Value added revenue of $644 million increased $88 million or 16% from the prior year, reflecting strong demand for aerospace and automotive applications and strong performance from the acquired Alexco and Nichols Wire businesses. Adjusted consolidated EBITDA of $112 million or 17% of value added revenue reflected significant year-over-year improvement compared to adjusted consolidated EBITDA of $85 million or 15% of value added revenue for the year ended 2010.
“We are pleased with solid year-over-year improvement and strong 2011 results,” said Jack A. Hockema, President, CEO and Chairman. “Our aerospace and automotive applications achieved record value added revenue. In addition, stronger demand and shipments across our end use categories led to significant improvement in our adjusted EBITDA and our EBITDA margin. We continued to invest in our growth platform commencing capacity expansions for our aerospace extruded products and heat treat plate that will come on stream later this year and in 2013. We also have made good progress in the ramp up of our Kalamazoo rod and bar facility. Although the ramp up has been slower than anticipated, as a low cost producer for these products the Kalamazoo facility is expected to fully achieve its investment potential over the longer-term.”
“As we look forward, we expect robust aerospace demand to continue in 2012 and anticipate steady improvement in automotive and general industrial demand. Importantly, we are well-positioned to capitalize on this increasing demand and to realize the potential of the sizable, strategic investments we have made in our business. In addition, our solid balance sheet and enhanced financial flexibility due in part due to a larger and more favorable revolving credit facility allow us to continue to pursue other organic and acquisition growth opportunities,” concluded Mr. Hockema.
The following information was filed by Kaiser Aluminum Corp (KALU) on Thursday, February 16, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Kaiser Aluminum Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Kaiser Aluminum Corp.
Ticker: KALU CIK: 811596 Form Type: 10-K Annual Report Accession Number: 0000811596-12-000020 Submitted to the SEC: Wed Feb 29 2012 3:42:37 PM EST Accepted by the SEC: Wed Feb 29 2012 Period: Saturday, December 31, 2011 Industry: Rolling Drawing And Extruding Of Nonferrous Metals