Exhibit 99.1
Kaiser Aluminum Corporation Reports
Fourth Quarter and Full Year 2018 Financial Results

Fourth Quarter 2018 Highlights:
Shipments Up 4% Year-over-Year
Net Sales $389 Million; Value Added Revenue $210 Million, Up 8% Year-over-Year
Net Income $24 Million, Earnings per Diluted Share $1.41
Adjusted Net Income $30 Million, Adjusted Earnings per Diluted Share $1.77
Adjusted EBITDA $55 Million; Adjusted EBITDA Margin 26.0%

Full Year 2018 Results and Business Environment:
Aerospace Supply Chain Destocking; Growing Underlying Aerospace Demand
High Contained Metal and Freight Costs
Record Shipments Up 4% Year-over-Year
Net Sales $1.6 Billion; Record Value Added Revenue $828 Million, Up 5% Year-over-Year
Net Income $92 Million, Earnings per Diluted Share $5.43
Record Adjusted Net Income $109 Million and Adjusted Earnings per Diluted Share $6.48
Adjusted EBITDA $205 Million; Adjusted EBITDA Margin 24.7%

FOOTHILL RANCH, Calif., February 20, 2019
- Kaiser Aluminum Corporation (NASDAQ:KALU) today announced results for the fourth quarter and full year ended December 31, 2018.

Full Year 2018 Management Summary

“Kaiser delivered excellent results in 2018, consistent with the outlook communicated at the beginning of the year and despite persistent headwinds from aerospace supply chain destocking, high contained metal and freight costs and Section 232 tariffs,” said Jack A. Hockema, Chairman and Chief Executive Officer.

“For the full year 2018 we achieved record shipments, up 4% year-over-year, and value added revenue, up 5%, driven by strong demand. Record commercial airframe builds drove underlying demand growth, and aerospace supply chain destocking began moderating in the second half 2018, further enhancing demand growth. Aluminum extrusion content continued to increase on solid North American automotive builds, and demand for general engineering and industrial products remained strong throughout the year with normal second half seasonal weakness. Adjusted EBITDA improved $6 million year-over-year as sales volume and mix provided a $21 million benefit partially offset by an $11 million adverse pricing impact due to unrecovered high contained metal and freight costs and $3 million of Section 232 tariffs,” said Mr. Hockema.
 
Consistent with the Company’s capital allocation priorities, organic investments of $74 million focused on areas to enhance manufacturing cost efficiency, improve product quality, expand capacity and promote operational security, including capital spending related to the modernization of its Spokane, WA (“Trentwood”) facility. In addition to organic investments, the Company invested $43 million to acquire Imperial Machine & Tool (“IMT”), a leader in multi-material additive manufacturing and machining technologies.

The Company continued to return cash to shareholders during the year through quarterly dividends and share repurchases that totaled nearly $100 million. In early 2018, the Company raised its quarterly dividend 10% to $0.55 per share, and in early 2019, for the eighth consecutive year, raised it an additional 9% to $0.60 per share.

In late 2018, the Company received approval for its Bellwood facility in Richmond, VA to operate as a Foreign Trade Zone, which serves to mitigate more than 50% of the tariff costs otherwise incurred on its internal cross border transactions. While decisions are still pending on specific product exclusion requests, the Company will continue to incur tariff costs of approximately $0.2 million per month. If the exclusion requests receive approval by



The following information was filed by Kaiser Aluminum Corp (KALU) on Wednesday, February 20, 2019 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.

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