Kaiser Aluminum Corp. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Kaiser Aluminum Corp. filed its Q1 2024 10-Q, detailing financial performance and balance sheet information.</b>

AI Summary

KAISER ALUMINUM CORP (KALU) filed a Quarterly Report (10-Q) with the SEC on April 25, 2024. Kaiser Aluminum Corp. filed a 10-Q report for the period ending March 31, 2024. The filing includes financial data for the first quarter of 2024. Key financial statement items such as revenue, net income, and EPS are detailed. The report references specific financial instruments and agreements, including a revolving credit facility and senior notes. It also details various balance sheet accounts and equity components as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking KAISER ALUMINUM CORP, this filing contains several important signals. This 10-Q provides investors with the latest quarterly financial results and operational updates for Kaiser Aluminum. Understanding the details within this filing is crucial for assessing the company's financial health, performance trends, and future outlook.

Risk Assessment

Risk Level: medium — KAISER ALUMINUM CORP shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains detailed financial information but does not usually include significant new disclosures that would drastically alter risk perception without further analysis of the content.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to identify any significant changes in revenue, profitability, or debt levels compared to previous periods.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-04-25 — Filing Date (Date the report was filed)
• 2023-12-31 — Previous Year End Date (Comparison point for balance sheet items)
• 2023-01-01 — Prior Year Q1 Start Date (Comparison point for income statement items)

Key Players & Entities

• KAISER ALUMINUM CORP (company) — Filer name
• 0000811596 (company) — Central Index Key
• 2024-03-31 (date) — Period of report
• 2024-04-25 (date) — Filing date
• 27422 PORTOLA PARKWAY, SUITE 200 (address) — Business address
• FOOTHILL RANCH, CA 92610-2831 (address) — Business address
• KAISERTECH LTD (company) — Former company name
• 19901122 (date) — Date of name change

FAQ

Industry Context

Kaiser Aluminum Corp. operates in the aluminum industry, involved in the production and sale of semi-fabricated aluminum products.

Regulatory Implications

The filing is a standard SEC Form 10-Q, required for publicly traded companies to report quarterly financial performance.

What Investors Should Do

1. Analyze the consolidated balance sheets for changes in assets, liabilities, and equity from the prior year-end.
2. Review the consolidated statements of operations to understand revenue trends, cost of goods sold, and net income for the quarter.
3. Examine the notes to the financial statements for details on debt, commitments, and contingencies.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-25: Filing Date — Date Kaiser Aluminum Corp. submitted the 10-Q to the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing the initial quarterly financial data for the year.

Key Financial Figures

• $0.01 — ch registered Common stock, par value $0.01 per share KALU Nasdaq Global Select
• $500.0 million — l amounts, respectively: (i) 4.625% and $500.0 million; and (ii) 4.50% and $550.0 million Te
• $550.0 million — and $500.0 million; and (ii) 4.50% and $550.0 million Term SOFR Forward looking term rate

Filing Documents

• kalu-20240331.htm (10-Q) — 1869KB
• kalu-ex10_1.htm (EX-10.1) — 65KB
• kalu-ex10_2.htm (EX-10.2) — 35KB
• kalu-ex10_3.htm (EX-10.3) — 103KB
• kalu-ex31_1.htm (EX-31.1) — 16KB
• kalu-ex31_2.htm (EX-31.2) — 16KB
• kalu-ex32_1.htm (EX-32.1) — 9KB
• kalu-ex32_2.htm (EX-32.2) — 10KB
• img112157158_0.jpg (GRAPHIC) — 132KB
• 0000950170-24-048441.txt (&nbsp;) — 9559KB
• kalu-20240331.xsd (EX-101.SCH) — 1308KB
• kalu-20240331_htm.xml (XML) — 1769KB

Financial Statements

Item 1. Financial Statements 1

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 30 PART II

Legal Proceedings

Item 1. Legal Proceedings 31

Risk Factors

Item 1A. Risk Factors 31

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 31

Other Information

Item 5. Other Information 31

Exhibits

Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 2 KAISER ALUMINUM CORPORATION AND SUBSIDIARY COMPANIES

– FINANCI AL INFORMATION

PART I – FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2024 As of December 31, 2023 (In millions of dollars, except share and per share amounts) ASSETS Current assets: Cash and cash equivalents $ 101.6 $ 82.4 Receivables: Trade receivables, net 341.4 325.2 Other 11.2 12.4 Contract assets 63.0 58.5 Inventories 471.3 477.2 Prepaid expenses and other current assets 34.6 34.5 Total current assets 1,023.1 990.2 Property, plant and equipment, net 1,055.0 1,052.1 Operating lease assets 30.5 32.6 Deferred tax assets, net 5.4 6.0 Intangible assets, net 48.9 50.0 Goodwill 18.8 18.8 Other assets 118.1 117.7 Total assets $ 2,299.8 $ 2,267.4 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 273.8 $ 252.7 Accrued salaries, wages and related expenses 45.5 53.0 Other accrued liabilities 65.4 64.3 Total current liabilities 384.7 370.0 Long-term portion of operating lease liabilities 27.4 29.2 Pension and other postretirement benefits 75.6 76.8 Net liabilities of Salaried VEBA 3.8 3.8 Deferred tax liabilities 19.5 13.9 Long-term liabilities 83.6 81.7 Long-term debt, net 1,040.3 1,039.8 Total liabilities 1,634.9 1,615.2 Commitments and contingencies – Note 7 Stockholders' equity: Preferred stock, 5,000,000 shares authorized at both March 31, 2024 and December 31, 2023; no shares were issued and outstanding at March 31, 2024 and December 31, 2023 — — Common stock, par value $ 0.01 , 90,000,000 shares authorized at both March 31, 2024 and December 31, 2023; 22,891,318 shares issued and 16,056,032 shares outstanding at March 31, 2024; 22,851,077 shares issued and 16,015,791 shares outstanding at December 31, 2023 0.2 0.2 Additional paid in capital 1,107.5 1,104.7 Retained earnings 22.1 10.1 Treasury stock, at cost, 6,835

View Full Filing

View this 10-Q filing on SEC EDGAR