Kaiser Aluminum Corp. (KALU) Misses Q1 EPS by 9c

Kaiser Aluminum Corp. (NASDAQ: KALU) reported Q1 EPS of $0.72, $0.09 worse than the analyst estimate of $0.81. Revenue for the quarter came in at $335.1 million versus the consensus estimate of $320.28 million.

Outlook

"Overall, our outlook for 2014 remains unchanged. We continue to anticipate the supply chain inventory overhang for aerospace plate will persist throughout 2014. While we expect modest improvement in our plate shipments this year compared to 2013, we will also continue to be impacted by pricing pressure on these products. As demonstrated in our first quarter results, we expect further increases in automotive extrusion shipments and value added revenue as new programs launch throughout the year. In addition, we anticipate improving cost efficiencies as we progress through the year as we benefit from our Phase 5 heat treat plate expansion and the new casting complex," stated Mr. Hockema.

"Looking beyond 2014 we remain very positive and anticipate continued long-term growth in our overall value added revenue and adjusted EBITDA margin driven by strong demand for aerospace and automotive applications and an improving underlying cost structure," stated Mr. Hockema. "As the aerospace supply chain inventory overhang abates, we expect to realize the full benefits from strong secular demand fundamentals for our aerospace and automotive applications. Our focus on organic investments in capacity, capability, quality, and enhanced operating efficiencies will continue to serve us well and will allow us to capture further opportunities for profitable growth in these end market applications. Lastly, we remain committed to maintaining financial strength and flexibility so that we may invest and capitalize on organic and acquisition opportunities to further enhance shareholder returns."

For earnings history and earnings-related data on Kaiser Aluminum Corp. (KALU) click here.

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