Kaiser earnings fall despite shipments

Apr 24, 2014 | 09:31 AM | Nathan Laliberte

Tags  Kaiser Aluminum, earnings report, Jack A. Hockema, aerospace, aluminum, heat treat plate, automotive extrusion, Anthony B. Rizzuto Jr. Cowen & Co.

NEW YORK — Kaiser Aluminum Corp.’s earnings fell sharply in the first quarter despite record shipments of heat-treat plate and automotive extrusions.

Net income tumbled 52.8 percent in the three months ended March 31 compared with the same period last year, according to company data released April 23, although Kaiser noted that last year’s results had been bolstered by revenue related to a $4.5-million payment from a customer in lieu of fulfilling minimum volume obligations under a multiyear contract as well as an $8-million Canadian tax benefit.

"The first-quarter 2014 results reflected record heat-treat plate and automotive extrusion shipments as we continued to benefit from investments we have made in recent years to increase capacity, improve efficiency and quality, and expand our product offering," chairman, president and chief executive officer Jack A. Hockema said in a statement. ....

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