NEW YORK Kaiser Aluminum Corp.s net income climbed in the second quarter as improved demand for aerospace, automotive and extrusion applications helped offset lower prices for heat-treat plate products.
The Foothill Ranch, Calif.-based aluminum manufacturer posted net income of $24.5 million for the three months ended June 30, up 31.7 percent from $18.6 million in the year-ago quarter and 55.1 percent above first-quarter earnings of $15.8 million.
Adjusted net income of $19.3 million rose 12.2 percent from $17.2 million in the year-ago period and 45.1 percent from $13.3 million in the first quarter.
Stronger shipments and value-added revenue were offset by higher major maintenance and weather-related energy costs during the first half 2014 compared with the year-ago period, Kaiser said, adding that the company was also contending with lower prices for heat-treated plate.
"We are pleased to report strong second-quarter 2014 value-added revenue, adjusted Ebitda (earnings before interest, taxes, depreciation and amortization), and adjusted Ebitda margin," Kaiser chairman, president and chief executive officer Jack A. Hockema said in a statement. "In the second quarter we posted another record for heat-treat plate and automotive shipments, whichalong with improving manufacturing efficienciesmore than offset the impact of lower heat-treat plate prices.