Plus   Neg

Kaiser Aluminum Slips To Loss In Q4

Kaiser Aluminum Corp. (KALU) reported net loss for the fourth quarter 2019 was $11 million or $0.66 per share, compared to net income of $24 million or $1.41 per share for the prior year period due to the impact of non-recurring pre-tax charges of approximately $45 million.

Excluding the impact of charges and other non-run-rate items, adjusted net income was $29 million or $1.79 per share, compared to $30 million or $1.77 per share in the prior year.

Net sales for the fourth quarter 2019 were $369 million, compared to $389 million in the prior year period, reflecting a 4% decrease in shipments and a 2% decrease in average selling price.

The company increased the quarterly dividend by 12% to $0.67 per share.

Looking forward, the company expects that the impact of the Boeing 737 MAX situation on its aerospace shipments will be offset by higher general engineering and automotive shipments than in 2019, resulting in a low-single-digit year-over-year increase in both total shipments and value added revenue.

Commencing in 2020, the company will launch a $375 million multi-year expansion and operational security investment project at its Trentwood facility.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Pfizer Inc. and BioNTech SE Monday announced that they will supply an additional 100 million doses of COMIRNATY, the companies' COVID-19 vaccine, to the 27 European Union member states in 2021. The agreement follows the European Commission's decision to exercise its option to purchase an additional 100 million doses under its expanded Advanced Purchase Agreement signed on February 17. Prineville, Oregon-based Creative Foods Inc. is recalling two Bueno coffee substitute gluten-free products for the possible presence of undeclared allergens, the U.S. Food and Drug Administration said. The recall involves Bueno Coffee Substitute Creamy Hazelnut and Bueno Coffee Substitute Pecan Praline. They both may contain undeclared peanut, hazelnut, and/or barley, which contains gluten. Toyota has unveiled an all-electric SUV concept named "Toyota bZ4X Concept." It is the first of a new battery electric vehicle or BEV line-up under the new Toyota "bZ" - Beyond Zero brand.
Follow RTT