Kaiser Aluminum Corporation Reports Second Quarter 2025 Financial Results
Management Commentary
'Our second quarter results exceeded our expectations, driven by continued strength in the underlying business fundamentals and favorable metal tailwinds. This performance enabled us to sustain margin levels above 19% for the first half of 2025, and as a result we are raising our full year 2025 Adjusted EBITDA outlook. We are making meaningful progress on our strategic growth investments, which will be evident in our profitability as we enter 2026,' said Keith A. Harvey, Chairman, President and Chief Executive Officer.
(In millions of dollars, except shipments, realized price, and per share amounts)
1.
Adjusted to reflect the retrospective change in inventory valuation methodology from last in, first out ("LIFO") to weighted average costs ("WAC") for certain inventories.
2.
Hedged Cost of Alloyed Metal for the quarters ended June 30, 2025 and June 30, 2024 included $449.5 million and $408.0 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $0.6 million and $3.5 million, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the six months ended June 30, 2025 and June 30, 2024 included $868.3 million and $775.1 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $5.2 million in the six months ended June 30, 2025, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. There were no gains or losses upon settlement of hedges for metal price exposure on shipments for the six months ended June 30, 2024.
3.
Diluted shares for EPS are calculated using the two-class method.
4.
Adjusted numbers exclude non-run-rate items. For all Adjusted numbers and EBITDA refer to Reconciliation of Non-GAAP Measures.
5.
Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization.
6.
Adjusted EBITDA margin = Adjusted EBITDA as a percent of Conversion Revenue.
7.
Includes favorable metal price lag of approximately $14.0 million and approximately $19.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and favorable metal price lag of approximately $36.0 million and approximately $24.0 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Metal price lag represents management's estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price ('MWTP'), multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices.
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* Please refer to GAAP financial statements, totals may not sum due to rounding.
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Second Quarter 2025 Financial Highlights
Net sales for the second quarter 2025 increased to $823 million compared to $773 million in the prior year period, driven primarily by an increase in average realized sales price.
Conversion Revenue for the second quarter 2025 was $374 million, reflecting a 1% increase compared to the prior year period. The following table provides the Company's Shipments and Conversion Revenue information (in millions of dollars, except shipments and Conversion Revenue per pound) by end market applications:
1.
Hedged Cost of Alloyed Metal for the quarters ended June 30, 2025 and June 30, 2024 included $449.5 million and $408.0 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $0.6 million and $3.5 million, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. Hedged Cost of Alloyed Metal for the six months ended June 30, 2025 and June 30, 2024 included $868.3 million and $775.1 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized gains upon settlement of $5.2 million in the six months ended June 30, 2025, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. There were no gains or losses upon settlement of hedges for metal price exposure on shipments for the six months ended June 30, 2024.
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Cash Flow and Liquidity
Adjusted EBITDA of $141 million reported in the first half of 2025 and cash on hand funded $53 million of working capital, $82 million of capital investments, $22 million of interest payments, and $26 million of cash returned to stockholders through quarterly dividends.
As of June 30, 2025, the Company had total liquidity of $538 million consisting of cash and cash equivalents of $13 million and borrowing availability under the Company's Revolving Credit Facility of $525 million. There were $33 million of outstanding borrowings under the Revolving Credit Facility as of June 30, 2025.
On July 15, 2025, the Company announced the declaration of a quarterly cash dividend of $0.77 per share, which will be paid on August 15, 2025 to stockholders of record as of the close of business on July 25, 2025.
2025 Outlook
For the full year 2025, the Company maintains an outlook for a 5% to 10% year-over-year increase in Conversion Revenue and raises the Adjusted EBITDA outlook to improve 10% to 15% year-over-year.
Conference Call
Kaiser Aluminum Corporation will host a conference call on Thursday, July 24, 2025, at 10:00 am (Eastern Time); 9:00 am (Central Time); 7:00 am (Pacific Time), to discuss its second quarter 2025 results. To participate, the conference call can be directly accessed from the U.S. and Canada at (877) 423-9813 and accessed internationally at (201) 689-8573. The conference call ID number is 13754454. A link to the simultaneous webcast can be accessed on the Company's website at https://investors.kaiseraluminum.com. A copy of a presentation will be available for download prior to the call and an audio archive will be available on the Company's website following the call.
Company Description
Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is a leading producer of semi-fabricated specialty aluminum products, serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, general engineering, automotive extrusions, and other industrial applications. The Company's North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company's stock is included in the Russell 2000® index and the S&P Small Cap 600® index.
Available Information
For more information, please visit the Company's website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC's website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company's annual stockholders' meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial measures. A 'non-GAAP financial measure' is defined as a numerical measure of a company's financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flow of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables.
The non-GAAP financial measures used within this earnings release are Conversion Revenue, Adjusted operating income, Adjusted EBITDA, Adjusted net income, and Adjusted earnings per diluted share, which exclude non-run-rate items and ratios related thereto. As more fully described in these reports, 'non-run-rate' items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Reconciliations of certain forward looking non-GAAP financial measures to comparable GAAP measures are not provided because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted or provided without unreasonable effort.
Forward-Looking Statements
This press release contains statements based on management's current expectations, estimates and projections that constitute 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) the effectiveness of management's strategies and decisions, including strategic investments, capital spending strategies, cost reduction initiatives, sourcing strategies, process and countermeasures implemented to address operational and supply chain challenges, and the execution of those strategies; (b) the execution and timing of strategic investments; (c) general economic and business conditions, including the impact of geopolitical factors and governmental and other actions taken in response, tariffs, cyclicality, reshoring, labor challenges, supply interruptions, scrap availability and pricing, customer operation disruptions, customer inventory imbalances and supply chain issues and other conditions that impact demand drivers in the aerospace/high strength, packaging, general engineering, automotive extrusions and other end markets we serve; (d) the Company's ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs; (e) changes or shifts in defense spending due to competing national priorities; (f) pricing, market conditions and the Company's ability to effectively execute its commercial and labor strategies, pass through cost increases, including the institution of surcharges, and flex costs in response to inflation, volatile commodity costs and changing economic conditions; (g) developments in technology; (h) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength and flexibility; (i) new or modified statutory or regulatory requirements; (j) the successful integration of the acquired operations and technologies; (k) stakeholder, including regulator and customer, views regarding the Company's sustainability goals and initiatives and the impact of factors outside of the Company's control on such goals and initiatives; and (l) other risk factors summarized in the Company's reports filed with the Securities and Exchange Commission including the Company's Form 10-K for the year ended December 31, 2024. All information in this release is as of the date of the release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.
1.
Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table.
2.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories.
3.
Diluted shares for EPS are calculated using the two-class method for the quarters and six months ended June 30, 2025 and June 30, 2024.
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Summary of Cash Flows - Consolidated (Unaudited) 1
(In millions of dollars)
Six Months Ended June 30,
2025
2024 2
(As Adjusted)
Total cash provided by (used in):
Operating activities
$
72.9
$
89.6
Investing activities
$
(81.9
)
$
(73.6
)
Financing activities
$
4.0
$
(28.0
)
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1.
Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table.
2.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories.
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Kaiser Aluminum Corporation and Subsidiary Companies
Consolidated Balance Sheets (Unaudited) 1
(In millions of dollars, except share and per share amounts)
As of December 31, 2024 2
(As Adjusted)
ASSETS
Current assets:
Cash and cash equivalents
$
13.1
$
18.4
Receivables:
Trade receivables, net
378.7
319.7
Other
39.1
22.2
Contract assets
69.1
73.4
Inventories
595.6
601.9
Prepaid expenses and other current assets
55.0
39.0
Total current assets
1,150.6
1,074.6
Property, plant and equipment, net
1,204.9
1,161.2
Operating lease assets
24.8
27.2
Deferred tax assets, net
2.6
4.0
Intangible assets, net
43.2
45.5
Goodwill
18.8
18.8
Other assets
67.9
78.6
Total assets
$
2,512.8
$
2,409.9
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
$
317.8
$
266.9
Accrued salaries, wages and related expenses
53.3
54.3
Other accrued liabilities
55.1
79.3
Total current liabilities
426.2
400.5
Long-term portion of operating lease liabilities
23.5
25.2
Pension and other postretirement benefits
71.2
71.4
Deferred tax liabilities
55.9
44.1
Long-term liabilities
84.8
84.0
Long-term debt, net
1,075.2
1,041.6
Total liabilities
1,736.8
1,666.8
Commitments and contingencies
Stockholders' equity:
Preferred stock, 5,000,000 shares authorized at both June 30, 2025 and December 31, 2024; no shares were issued and outstanding at June 30, 2025 and December 31, 2024
—
—
Common stock, par value $0.01, 90,000,000 shares authorized at both June 30, 2025 and December 31, 2024; 23,013,025 shares issued and 16,177,739 shares outstanding at June 30, 2025; 22,931,184 shares issued and 16,095,898 shares outstanding at December 31, 2024
0.2
0.2
Additional paid in capital
1,124.1
1,117.0
Retained earnings
100.4
81.3
Treasury stock, at cost, 6,835,286 shares at both June 30, 2025 and December 31, 2024
(475.9
)
(475.9
)
Accumulated other comprehensive income
27.2
20.5
Total stockholders' equity
776.0
743.1
Total liabilities and stockholders' equity
$
2,512.8
$
2,409.9
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1.
Please refer to the Company's Form 10-Q for the quarter ended June 30, 2025 for detail regarding the items in the table.
2.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories.
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Reconciliation of Non-GAAP Measures - Consolidated
(Unaudited)
(In millions of dollars, except per share amounts)
Quarter Ended
June 30,
Six Months Ended
June 30,
2025
2024 1
(As Adjusted)
2025
2024 1
(As Adjusted)
GAAP net income
$
23.2
$
18.9
$
44.8
$
37.1
Interest expense
12.5
11.1
23.7
22.6
Other (income) expense, net
(4.4
)
0.5
(3.0
)
(10.4
)
Income tax provision
6.7
5.7
13.9
11.2
GAAP operating income
38.0
36.2
79.4
60.5
Mark-to-market loss 2
—
2.2
—
2.2
Restructuring costs
0.1
6.8
1.9
6.9
Non-cash asset impairment charge
—
—
—
0.4
Other operating NRR loss 3,4
—
—
0.2
0.4
Operating income, excluding operating NRR items
38.1
45.2
81.5
70.4
Depreciation and amortization
29.6
29.0
59.6
57.8
Adjusted EBITDA 5,8
$
67.7
$
74.2
$
141.1
$
128.2
GAAP net income
$
23.2
$
18.9
$
44.8
$
37.1
Operating NRR items
0.1
9.0
2.1
9.9
Non-operating NRR items 6
(4.4
)
0.7
(3.7
)
(10.5
)
Tax impact of above NRR items
1.0
(2.0
)
0.4
0.2
Adjusted net income
$
19.9
$
26.7
$
43.6
$
36.8
Net income per share, diluted 7
$
1.41
$
1.15
$
2.72
$
2.27
Adjusted earnings per diluted share 7
$
1.21
$
1.63
$
2.65
$
2.25
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1.
Adjusted to reflect the retrospective change in inventory valuation methodology from LIFO to WAC for certain inventories.
2.
Mark-to-market loss on derivative instruments represents the loss on non-designated commodity hedges. Adjusted EBITDA reflects the impact realized upon settlement.
3.
NRR is an abbreviation for non-run-rate; NRR items are pre-tax.
4.
Other operating NRR items primarily represent the impact of adjustments to legacy environmental accruals.
5.
Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization.
6.
Non-operating NRR items typically represent the impact of non-cash net periodic benefit cost related to the Salaried VEBA excluding service cost, gains (losses) recorded from the sale of non-operating assets, and gains recorded from business interruption insurance recoveries.
7.
Diluted shares for EPS are calculated using the two-class method.
8.
Includes favorable metal price lag of approximately $14.0 million and approximately $19.0 million for the quarters ended June 30, 2025 and June 30, 2024, respectively, and favorable metal price lag of approximately $36.0 million and approximately $24.0 million for the six months ended June 30, 2025 and June 30, 2024, respectively. Metal price lag represents management's estimate of the financial impact resulting from the timing difference between aluminum prices included within Hedged Cost of Alloyed Metal and the weighted average market price for aluminum during the period, based on the Midwest Transaction Price, multiplied by our shipment volume during the periods. Metal price lag will generally increase our earnings in times of rising primary aluminum prices and decrease our earnings in times of declining primary aluminum prices.
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The FX strategy aims to introduce mass production models equipped with state-of-the-art luxury technology similar to the FF 91, targeting a broader market with middle-to-low price range offerings. FF is committed to redefining mobility through AI innovation. Join us in shaping the future of intelligent transportation. For more information, please visit FORWARD LOOKING STATEMENTS This press release includes "forward looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "plan to," "can," "will," "should," "future," "potential," and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: the Company's ability to secure necessary agreements to license or produce FX vehicles in the U.S., the Middle East, or elsewhere, none of which have been secured; the Company's ability to homologate FX vehicles for sale in the U.S., the Middle East, or elsewhere; the Company's ability to secure the necessary funding to execute on its AI, EREV and Faraday X (FX) strategies, each of which will be substantial; the Company's ability to secure necessary permits at its Hanford, CA production facility; the Company's ability to secure regulatory approvals for the proposed Super One front grill; the potential impact of tariff policy; the Company's ability to continue as a going concern and improve its liquidity and financial position; the Company's ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company's limited operating history and the significant barriers to growth it faces; the Company's history of losses and expectation of continued losses; the success of the Company's payroll expense reduction plan; the Company's ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company's estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company's vehicles; the Company's ability to cover future warranty claims; the success of other competing manufacturers; the performance and security of the Company's vehicles; current and potential litigation involving the Company; the Company's ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company's indebtedness; the Company's ability to cover future warranty claims; the Company's ability to use its "at-the-market" program; insurance coverage; general economic and market conditions impacting demand for the Company's products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company's dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company's stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" section of the Company's Form 10-K filed with the SEC on March 31, 2025, and other documents filed by the Company from time to time with the SEC. View source version on Contacts Investors (English): ir@ Investors (Chinese): cn-ir@ Media:
