Kaiser Aluminum Corporation, an American aluminium producer specialising in semi-fabricated products, has announced its fourth quarter and full-year results for FY2023, whereby it has declared a stellar performance under the leadership of CEO Keith Harvey and CFO Neil West.
The company’s financial results showcase the resilience and strategic insight that propelled an improvement even amid inflation and market destocking. In the fourth quarter, which ended December 31, 2023, Kaiser Aluminum yielded net sales of $722 million and revenue of $361 million.
Although the net sales registered a year-on-year drop of 6.96 per cent from $776 million, revenue grew by 1.40 per cent from $356 million. In the full year, Kaiser’s net sales derived at $3.09 million, down by 9.91 per cent from $3.43 million, while the revenue stood at $1.47 million, up by 6.52 per cent from $1.38 million.
Kaiser’s net income also saw a plunge in Q4 from $26 million to $8 million but experienced a surge in the entire year from $30 million to $47 million. In contrast, the company’s Adjusted EBITDA grew in Q4 from $30 million a year ago to $52 million and decreased over the year from $142 million to $210 million.
Kaiser Aluminum explained that net sales of the company’s aerospace/high-strength applications were $237 million in Q4, accounting for 32.83 per cent of the total net sales during the period. Revenue from the segment stood at $146 million, up by 42 per cent resulting from a 24 per cent rise in shipments from a prior year.
In the entire year, net sales of the company’s aerospace/high-strength applications were $899 million, and revenue was $533 million, which reflected a 50 per cent rise resulting from a 36 per cent increase in shipments Y-o-Y. The improvement represents continued strengthening demand for commercial aerospace applications and improved pricing, with conversion revenue exceeding pre-pandemic levels.
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