Kaiser Aluminum Q2 Profit Tops Estimates

(RTTNews) - Kaiser Aluminum Corporation (KALU) reported second quarter net income of $20 million, or $1.11 earnings per share, compared to $25 million or $1.33 per share, for the prior year period. Adjusted net income was $23 million, or $1.27 per share, for the second quarter 2015.

On average, seven analysts polled by Thomson Reuters expected the company to report profit per share of $1.19 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $367.2 million compared to $344.1 million, prior year. Analysts expected revenue of $366.45 million for the quarter.

Value added revenue for the second quarter increased 7%. The company said the increase is largely attributed to higher volume across end market applications and modest improvement in pricing, which reflects improving heat treat plate prices and lower contained metal costs on certain higher-margin products.

Kaiser Aluminum increased its full year outlook for year-over-year value added revenue growth from 6%-8% to 7%-9%.