First Quarter 2024 Highlights: Net Sales $738 Million; Conversion Revenue $367 Million Net Income $25 Million; Net Income per Diluted Share $1.51 Adjusted Net Income $17 Million; Adjusted Net Income per Diluted Share $1.02 Adjusted EBITDA $62 Million; Adjusted EBITDA Margin 17.0% Improved Cost Controls and Operating Efficiencies Across the Platform Maintaining Full Year 2024 Outlook FRANKLIN, Tenn., April 24, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ:KALU), a leading producer of semi-fabricated specialty aluminum products serving customers worldwide with highly-engineered solutions for aerospace and high-strength, packaging, general engineering, automotive extrusions, and other industrial applications, today announced first quarter 2024 results. Management Commentary "The year is off to a good start with our first quarter results surpassing our internal expectations on more normalized business conditions with improved operating efficiencies across all platforms," said Keith A. Harvey, President and Chief Executive Officer. "Both the general engineering and automotive end markets are off to a faster start than expected at the beginning of the year while aerospace/high strength, which was strong year-over-year, was softer than our original expectations. As a result, we are maintaining our 2024 outlook. The investments we have made and are continuing to make in the business position Kaiser well to benefit from the next stage of our growth strategy in 2025. We remain committed to controlling costs, including the successful execution of our revised metal sourcing strategy, and improving overall operating efficiencies to drive profitable growth." First Quarter 2024 Consolidated Results(Unaudited)* (In millions of dollars, except shipments, realized price and per share amounts)     Quarterly       1Q24     4Q23     3Q23     2Q23     1Q23   Shipments (millions of lbs.)     291       284       299       314       299                                   Net sales   $ 738     $ 722     $ 744     $ 814     $ 808   Less: Hedged cost of alloyed metal1     (371 )     (361 )     (387 )     (436 )     (438 ) Conversion revenue   $ 367     $ 361     $ 357     $ 379     $ 369                                   Realized price per pound ($/lb.)                               Net sales   $ 2.53     $ 2.54     $ 2.48     $ 2.59     $ 2.70   Less: Hedged cost of alloyed metal     (1.27 )     (1.27 )     (1.29 )     (1.38 )     (1.47 ) Conversion revenue   $ 1.26     $ 1.27     $ 1.19     $ 1.21     $ 1.23                                   As reported                               Operating income   $ 33     $ 22     $ 19     $ 36     $ 19   Net income   $ 25     $ 8     $ 5     $ 18     $ 16   Net income per share, diluted2   $ 1.51     $ 0.47     $ 0.34     $ 1.14     $ 0.99                                   Adjusted3                               Operating income   $ 34     $ 23     $ 20     $ 37     $ 20   EBITDA4   $ 62     $ 52     $ 48     $ 64     $ 47   EBITDA margin5     17.0 %     14.3 %     13.3 %     16.8 %     12.7 % Net income   $ 17     $ 10     $ 7     $ 20     $ 7   EPS, diluted2   $ 1.02     $ 0.60     $ 0.46     $ 1.26     $ 0.42   Hedged cost of alloyed metal for 1Q24, 4Q23, 3Q23, 2Q23, and 1Q23 was comprised of $367.1 million, $356.5 million, $380.0 million, $428.8million, and $436.7 million, respectively, reflecting the cost of aluminum at the average Midwest Transaction Price and the cost of alloys used in the production process, as well as metal price exposure on shipments that the Company hedged with realized losses upon settlement of $3.5 million, $4.0 million, $6.5 million, $6.8 million, and $1.6 million, in 1Q24, 4Q23, 3Q23, 2Q23, and 1Q23, respectively, all of which were included within both Net sales and Cost of products sold, excluding depreciation and amortization in the Company's Statements of Consolidated Income. Diluted shares for EPS are calculated using the two-class method for the quarters ended March 31, 2024 and December 31, 2023 and the treasury stock method for all other quarters presented. Adjusted numbers exclude non-run-rate items. For all Adjusted numbers and EBITDA refer to Reconciliation of Non-GAAP Measures. Adjusted EBITDA = Consolidated operating income, excluding operating non-run-rate items, plus Depreciation and amortization. Adjusted EBITDA margin = Adjusted EBITDA as a percent of Conversion Revenue. * Please refer to GAAP financial statements.         Totals may not sum due to rounding. First Quarter 2024 Financial Highlights Net sales for the first quarter 2024 decreased modestly to $738 million compared to $808 million in the prior year period, reflecting a decrease in average selling price due to a 14% decrease in the hedged cost of alloyed metal, in addition to a 3% reduction in shipments, partially offset by a 2% increase in conversion revenue per pound. Conversion revenue for the first quarter 2024 was $367 million, reflecting a 1% decrease compared to the prior year period. Net sales for the Company's aerospace/high strength applications were $221 million, and conversion revenue was $137 million, reflecting a 12% increase primarily resulting from a 8% increase in shipments over the prior year quarter. The improvement reflects higher pricing, along with growth in shipments, driven by demand for our diversified applications. Net sales for packaging applications were $298 million, and conversion revenue was $118 million, reflecting an 11% decrease over the prior year quarter mainly due to a 7% reduction in shipments of primarily higher priced coated food products driven by anticipated destocking during the first quarter. Net sales for general engineering applications were $153 million, and conversion revenue was $80 million, reflecting a modest year-over-year increase on a 2% increase in shipments, which was partially offset by a lower value product mix. Net sales for automotive extrusions were $64 million, and conversion revenue was $31 million, relatively flat compared to the prior year period reflecting a 4% decrease in shipments, which was partly offset by improved pricing. Reported net income for the first quarter 2024 was $25 million, or $1.51 income per diluted share, compared to net income and income per diluted share of $16 million and $0.99, respectively, in the prior year period. Excluding the impact of pre-tax, non-run-rate income of $10 million, adjusted net income was $17 million for the first quarter 2024, compared to adjusted net income of $7 million in the prior year period. Adjusted net income per diluted share was $1.02 for the first quarter 2024, compared to adjusted net income per diluted share of $0.42 for the first quarter 2023. Adjusted EBITDA of $62 million in the first quarter 2024 increased $16 million compared to the prior year period and increased $11 million compared to the fourth quarter 2023. Adjusted EBITDA as a percentage of conversion revenue was 17.0% ...