ALUMINIUM...
Kaiser Aluminum Corp today reported net income of $86 million, or $4.45 earnings per diluted share, for the year ended December 31, 2012 compared to $25 million, or $1.32 earnings per diluted share, for the prior year ended December 31, 2011. Excluding the impact of non-run-rate items, adjusted net income was $74 million, or $3.82 per diluted share, for the full year 2012 increasing approximately 76% from the prior year adjusted net income of $42 million, or $2.20 per diluted share.
Value added revenue was a record $736 million for the full year 2012, up 14% over the prior year, reflecting strong aerospace demand and an improved pricing environment compared to 2011. Adjusted consolidated EBITDA was $174 million, up 56% compared to $111 million in the prior year, setting another new record for the Company in 2012. Adjusted EBITDA margin on value added revenue was 23.6% compared to 17.3% for the full year 2011, reflecting significant year-over-year improvement.
Jack A. Hockema, President, CEO and Chairman said at the occasion that "Our record 2012 results demonstrated a step-change in growth and performance. Strong aerospace and automotive demand, improved pricing, increased overall operating leverage, and improved underlying manufacturing cost performance across our platform drove the significant change in results compared to 2011, the step-change in performance further demonstrates value created from the significant capital investments we have made since 2006 to increase capacity, enhance our capabilities, expand and differentiate our product offering, and improve manufacturing efficiencies.
As we look forward, the underlying fundamentals of our aerospace and automotive end markets provide opportunity for continued long term growth, and we have significant potential to continue to enhance our top line and bottom line operating performance. The recent 20% increase in our quarterly dividend further illustrates our confidence in the Companys long-term prospects."
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Kaiser Aluminum Corp today reported net income of $86 million, or $4.45 earnings per diluted share, for the year ended December 31, 2012 compared to $25 million, or $1.32 earnings per diluted share, for the prior year ended December 31, 2011. Excluding the impact of non-run-rate items, adjusted net income was $74 million, or $3.82 per diluted share, for the full year 2012 increasing approximately 76% from the prior year adjusted net income of $42 million, or $2.20 per diluted share.
Value added revenue was a record $736 million for the full year 2012, up 14% over the prior year, reflecting strong aerospace demand and an improved pricing environment compared to 2011. Adjusted consolidated EBITDA was $174 million, up 56% compared to $111 million in the prior year, setting another new record for the Company in 2012. Adjusted EBITDA margin on value added revenue was 23.6% compared to 17.3% for the full year 2011, reflecting significant year-over-year improvement.
Jack A. Hockema, President, CEO and Chairman said at the occasion that "Our record 2012 results demonstrated a step-change in growth and performance. Strong aerospace and automotive demand, improved pricing, increased overall operating leverage, and improved underlying manufacturing cost performance across our platform drove the significant change in results compared to 2011, the step-change in performance further demonstrates value created from the significant capital investments we have made since 2006 to increase capacity, enhance our capabilities, expand and differentiate our product offering, and improve manufacturing efficiencies.
As we look forward, the underlying fundamentals of our aerospace and automotive end markets provide opportunity for continued long term growth, and we have significant potential to continue to enhance our top line and bottom line operating performance. The recent 20% increase in our quarterly dividend further illustrates our confidence in the Companys long-term prospects."
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