Kaiser Aluminum Q1 Profit Declines, Misses View, But Sales Beat - Quick Facts

(RTTNews) - Kaiser Aluminum Corp. (KALU) reported first-quarter net income of $15.8 million or $0.85 per share, down from $33.5 million or $1.73 per share in the same period last year.

Adjusted earnings for the quarter were $13.3 million or $0.72 per share, compared to adjusted earnings of $19.9 million or $1.03 per share in the prior-year period. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.82 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the quarter declined to $335.1 million from $337.4 million in the same period last year, but beat analysts' consensus revenue estimate of $320.28 million.

Looking ahead, the company said its outlook for fiscal 2014 remains unchanged.

Jack Hockema, President, CEO and Chairman of Kaiser Aluminum said, "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."