Kaiser Aluminum Posts Loss
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Kaiser Aluminum Corp., which just emerged from bankruptcy protection after more than four years, said Monday that costs from its reorganization contributed to a second-quarter loss.
The Foothill Ranch-based aluminum manufacturer said its loss totaled $2.5 million, or 3 cents a share, compared with a profit of $365.8 million, or $4.59, a year ago.
The year-ago profit was boosted by $366 million in divestment proceeds.
Revenue in the quarter ended June 30 rose 35% to $353.5 million as metal prices and shipments of fabricated products increased.
Costs of $25 million from the reorganization and other items were responsible for the loss, the company said.
Sales were driven by demand for aerospace and high-strength products, the company said. Kaiser Aluminum produces fabricated aluminum products for uses including aerospace, automotive and general engineering applications.
The sale price of fabricated products rose to $2.23 a pound from a restated year-ago figure of $1.93, while primary aluminum rose to $1.33 a pound from 92 cents.
Kaiser Aluminum shares fell 14 cents to $39.90.
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