Stock Track | Kaiser Aluminum's Stock Plunges on Disappointing Q3 Results and Softening Demand Outlook

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Kaiser Aluminum Corporation (NASDAQ: KALU) saw its stock tumble by 6.86% on October 23, 2024, after the company reported mixed third-quarter financial results and provided a cautious outlook for the remainder of the year.

The aluminum manufacturer reported net income of $12 million, or $0.74 per diluted share, for the third quarter of 2024, a significant increase compared to $5.4 million, or $0.34 per diluted share, in the same period last year. However, the company's adjusted net income, which excludes non-run-rate items, came in at $8.4 million, or $0.51 per diluted share, slightly lower than analysts' expectations.

While Kaiser Aluminum's net sales increased by 0.6% year-over-year to $747.7 million, driven by improved pricing, the company's conversion revenue, a key metric for the aluminum industry, rose by just 1.4% to $362 million. This tepid growth in conversion revenue, coupled with higher energy costs and a GAAP LIFO charge, weighed on the company's profitability margins. Adjusted EBITDA margin, a measure of operating efficiency, stood at 13.9% in the third quarter, up from 13.3% in the prior year but below analysts' projections.

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