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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.

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