Kaiser Aluminum Corporation reported a net income of $46.8 million for the fiscal year ending December 31, 2024, translating to a diluted earnings per share of $2.87. This represents a slight decrease from the previous year's net income of $47.2 million. The company's net sales totaled $3.024 billion, down from $3.087 billion in 2023, reflecting a 2% decline in shipment volume, which totaled 1,172.3 million pounds. The average realized sales price per pound remained stable at $2.58, indicating that the decrease in revenue was primarily due to lower shipment volumes rather than pricing pressures.
In terms of operational performance, Kaiser Aluminum experienced a decrease in shipments across several key segments. Aero/HS Products saw shipments drop to 245.2 million pounds from 254.3 million pounds, while Packaging shipments decreased from 612.4 million pounds to 592.7 million pounds. However, shipments of GE Products increased by 13.1 million pounds, reflecting a 6% rise in net sales to $618.1 million. The company attributed the overall decline in shipments to macroeconomic factors, including labor shortages and supply chain disruptions, which have affected demand in the aerospace, packaging, and automotive sectors.
Strategically, Kaiser Aluminum has focused on enhancing its manufacturing capabilities and operational efficiency. The company invested $180.8 million in capital expenditures during 2024, primarily for a new coating line at its Warrick facility, aimed at increasing capacity for higher-margin coated aluminum products. Additionally, the company has initiated a restructuring plan to exit its soft alloy aluminum extrusion facility in Sherman, Texas, which is expected to incur costs of approximately $7.5 million, including severance and pension obligations.
Kaiser Aluminum's workforce comprised approximately 4,000 employees as of December 31, 2024, with about 65% represented by labor unions. The company has maintained strong relationships with its customers, which include major aerospace and automotive manufacturers, and approximately 75% of shipments are sold directly to manufacturers or tier-one suppliers. The company continues to prioritize customer satisfaction and aims to be the supplier of choice in its markets.
Looking ahead, Kaiser Aluminum anticipates continued challenges due to macroeconomic conditions but remains optimistic about long-term growth driven by demand in the aerospace and automotive sectors. The company plans to maintain its focus on operational efficiency and strategic investments to enhance its competitive position.
About KAISER ALUMINUM CORP
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