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Kaiser Aluminum Corp (KALU) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Kaiser Aluminum Corp

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CIK: 811596 Ticker: KALU


Exhibit 99.1
Kaiser Aluminum Corporation Reports
Third Quarter and First Nine Months 2018 Financial Results

Third Quarter 2018 Highlights:
•
Net Sales $393 Million; Value Added Revenue $205 Million
•
Net Income $22 Million; Adjusted EBITDA $47 Million; Adjusted EBITDA Margin 23.1%
•
Moderating Headwinds from Aerospace Supply Chain Destocking
•
Full Realization of Price Increases Implemented in Second Quarter 2018
•
Temporary Tariff Costs Incurred on Internal Cross-border Transactions
•
Completed Installation of Material Handling Equipment for Thin Gauge Plate at Trentwood
•
Acquired Imperial Machine and Tool, a Leader in Multi-Material Additive Manufacturing

First Nine Months 2018 Highlights:
•
Net Sales $1.2 Billion; Value Added Revenue $618 Million
•
Net Income $68 Million; Adjusted EBITDA $150 Million; Adjusted EBITDA Margin 24.3%
•
Higher Underlying Metal and Freight Costs Had a Significant Adverse Impact on Margins


FOOTHILL RANCH, Calif., October 17, 2018
 - Kaiser Aluminum Corporation (NASDAQ:KALU) today announced third quarter 2018 results, reporting net income of $22 million, or $1.29 per diluted share, compared to net income and earnings per diluted share of $20 million and $1.16, respectively for the prior year period. Excluding the impact of non-run-rate items, adjusted net income was $24 million or $1.43 per diluted share, for the third quarter 2018, compared to adjusted net income of $16 million, or $0.90 per diluted share, for the third quarter 2017. The improved year-over-year results primarily reflected the impact of a lower corporate tax rate in 2018, partially offset by temporary tariff costs on internal cross-border transactions.

For the first nine months of 2018, the Company reported net income of $68 million, or $4.03 per diluted share, compared to net income of $61 million, or $3.49 per diluted share, in the prior year period. Excluding the impact of non-run-rate items, adjusted net income increased to $80 million, or $4.72 per diluted share, for the first nine months of 2018 compared to adjusted net income of $68 million, or $3.89 per diluted share, for the prior year period. The year-on-year improvement was primarily due to the impact of a lower corporate tax rate in 2018.

Third Quarter and First Nine Months 2018 Summary

“Third quarter 2018 results reflected higher aerospace shipments as supply chain destocking continues to moderate and from the full realization of price increases implemented in the second quarter 2018. Strong operating leverage and improved sales margins more than offset the temporary impact of tariffs on our internal cross-border shipments. We are awaiting government approvals of certain countermeasures that we have initiated to eliminate nearly all our cross-border tariff costs and retroactively recover costs incurred. Although the tariffs have negatively impacted short-term results, we continue to anticipate that the long-term impact to us will be neutral to slightly positive should the tariffs remain in place,” said Jack A. Hockema, Chairman and Chief Executive Officer.

“During the quarter another significant portion of the Trentwood modernization project was completed with the installation of handling equipment at the light gauge plate furnace. Going forward, our focus will continue to be on implementing practice changes to extract the full benefit of the new equipment that will drive continuing improvements in efficiency, capacity and product quality.

“In addition, as previously announced, we recently made a $43 million investment in the acquisition of Imperial Machine and Tool Co., ('IMT') a leader in multi-material additive manufacturing and machining technologies for demanding aerospace and defense, automotive, high-tech and general industrial applications. IMT maintains a similar culture of quality and customer satisfaction through which it has developed a strong customer base and well-established collaborative relationships to continue to drive innovation.


The following information was filed by Kaiser Aluminum Corp (KALU) on Wednesday, October 17, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Statement Of Consolidated Cash Flows (Unaudited)
Statement Of Consolidated Stockholders' Equity (Unaudited)
Statements Of Consolidated Comprehensive Income (Unaudited)
Statements Of Consolidated Income (Unaudited)
Accumulated Other Comprehensive (Loss) Income
Accumulated Other Comprehensive (Loss) Income (Details)
Accumulated Other Comprehensive (Loss) Income (Tables)
Business Combinations And Goodwill
Business Combinations And Goodwill (Tables)
Business Combinations And Goodwill, Goodwill Rollforward (Details)
Business Combinations And Goodwill, Narrative (Details)
Business, Product And Geographical Area Information And Concentration Of Risk
Business, Product And Geographical Area Information And Concentration Of Risk (Tables)
Business, Product And Geographical Area Information And Concentration Of Risk, Income Taxes Paid By Geographical Area (Details)
Business, Product And Geographical Area Information And Concentration Of Risk, Narrative (Details)
Business, Product And Geographical Area Information And Concentration Of Risk, Net Sales By End Market Segment Applications (Details)
Business, Product And Geographical Area Information And Concentration Of Risk, Supply Information (Details)
Commitments And Contingencies
Commitments And Contingencies, Environmental (Details)
Condensed Guarantor And Non-Guarantor Financial Information
Condensed Guarantor And Non-Guarantor Financial Information (Tables)
Condensed Guarantor And Non-Guarantor Financial Information, Balance Sheets (Details)
Condensed Guarantor And Non-Guarantor Financial Information, Cash Flow Statements (Details)
Condensed Guarantor And Non-Guarantor Financial Information, Comprehensive Income Statements (Details)
Condensed Guarantor And Non-Guarantor Financial Information, Narrative (Details)
Debt And Credit Facility
Debt And Credit Facility, Narrative (Details)
Derivatives, Hedging Programs And Other Financial Instruments
Derivatives, Hedging Programs And Other Financial Instruments (Tables)
Derivatives, Hedging Programs And Other Financial Instruments, Balance Sheet (Details)
Derivatives, Hedging Programs And Other Financial Instruments, Fair Value Hierarchy Table (Details)
Derivatives, Hedging Programs And Other Financial Instruments, Material Derivative Positions (Details)
Derivatives, Hedging Programs And Other Financial Instruments, Narrative (Details)
Derivatives, Hedging Programs And Other Financial Instruments, Realized And Unrealized Gains (Losses) Table (Details)
Employee Benefits
Employee Benefits (Tables)
Employee Benefits Narrative (Details)
Employee Benefits Tables (Details)
Income Tax Matters
Income Tax Matters (Tables)
Income Tax Matters, Narrative (Details)
Income Tax Matters, Provision Table (Details)
Net Income Per Share And Stockholders' Equity
Net Income Per Share And Stockholders' Equity (Tables)
Net Income Per Share And Stockholders' Equity, Anti Dilution Table (Details)
Net Income Per Share And Stockholders' Equity, Calculation Of Eps (Details)
Net Income Per Share And Stockholders' Equity, Narrative (Details)
Net Income Per Share And Stockholders' Equity, Share Repurchases (Details)
Other (Expense) Income, Net
Other (Expense) Income, Net (Details)
Other (Expense) Income, Net (Tables)
Revenue Recognition
Revenue Recognition (Details)
Revenue Recognition (Tables)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies, Narrative (Details)
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information (Details)
Supplemental Balance Sheet Information (Tables)
Supplemental Cash Flow Information
Supplemental Cash Flow Information (Details)
Supplemental Cash Flow Information (Tables)
Ticker: KALU
CIK: 811596
Form Type: 10-Q Quarterly Report
Accession Number: 0000811596-18-000053
Submitted to the SEC: Thu Oct 25 2018 8:55:31 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Rolling Drawing And Extruding Of Nonferrous Metals

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