Reuters
Kaiser Aluminum second-quarter results beat market expectations
Edited by : AL CIRCLE
1 min read
Specialty aluminum products Kaiser Aluminum Corp's second-quarter results beat market expectations on strong demand from the aerospace and automotive sectors.
Net income rose to $21 million, or $1.09 per share, from $4 million, or 21 cents per share, a year earlier.
Excluding items, the company earned $1.06 per share.
Sales at the Foothill Ranch, California-based company climbed 2 percent to $345 million.
Analysts on average had expected a profit of 79 cents per share on revenue of $339.6 million, according to Thomson Reuters I/B/E/S.
The company realized 5 percent higher prices in the quarter, while shipments rose 1.4 percent.
"We continue to be optimistic regarding the outlook for our aerospace and automotive applications," Chief Executive Jack Hockema said in a statement.
Sector-bellwether Alcoa Inc reported quarterly results above Wall Street expectations earlier this month, and it forecast growing demand in the aerospace and auto sectors.
Kaiser Aluminum's shares, which have fallen 13 percent in the past year, closed at $49.51 on Wednesday on the Nasdaq.
Net income rose to $21 million, or $1.09 per share, from $4 million, or 21 cents per share, a year earlier.
Excluding items, the company earned $1.06 per share.
Sales at the Foothill Ranch, California-based company climbed 2 percent to $345 million.
Analysts on average had expected a profit of 79 cents per share on revenue of $339.6 million, according to Thomson Reuters I/B/E/S.
The company realized 5 percent higher prices in the quarter, while shipments rose 1.4 percent.
"We continue to be optimistic regarding the outlook for our aerospace and automotive applications," Chief Executive Jack Hockema said in a statement.
Sector-bellwether Alcoa Inc reported quarterly results above Wall Street expectations earlier this month, and it forecast growing demand in the aerospace and auto sectors.
Kaiser Aluminum's shares, which have fallen 13 percent in the past year, closed at $49.51 on Wednesday on the Nasdaq.
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