Kaiser Aluminum beats Wall Street's revenue outllook for Q2

Kaiser Aluminum Corp., the Foothill Ranch-based maker of semi-fabricated aluminum products for defense, aviation and automotive industries, beat Wall Street expectations on second-quarter revenue and income.

The company posted net income of $20 million, or $1.11 per diluted share, compared to net income and earnings per diluted share of $25 million and $1.33, respectively, for the prior-year period. Its adjusted earnings were $23 million, or $1.27 per share, for the quarter. Analysts expected earnings of $1.19 cents for the quarter.

The company also beat Wall Street’s revenue outlook. Its net sales totaled $367 million for the second quarter compared with analysts’ expectations of $366.5 million.

“Our results for shipments, value added revenue, and EBITDA were all [company] records ... despite significantly lower heat treat plate prices,” Kaiser Aluminum Chief Executive and President Jack Hockema said in a statement.

He cited strong demand growth and efficient manufacturing for these results, “despite the ongoing impact of the supply chain inventory overhang on demand for our aerospace products.”

The company released results after markets closed Tuesday. It shares were down 1.4% in intraday trading to $80.53 and a $1.4 billion market cap.

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