Kaiser Aluminum Corporation Reports Third Quarter 2024 Financial Results
Kaiser Aluminum (NASDAQ: KALU) reported Q3 2024 financial results with net sales of $748 million and conversion revenue of $362 million. The company achieved net income of $12 million ($0.74 per diluted share) and adjusted EBITDA of $50 million with a 13.9% margin. Performance was driven by improved pricing despite mixed market conditions. The company declared a quarterly dividend of $0.77 per share. Kaiser continues to execute its margin expansion plan, with packaging facility improvements expected to complete by year-end. The company maintains its 2024 outlook with stable conversion revenue growth up to 1% compared to 2023.
Kaiser Aluminum (NASDAQ: KALU) ha riportato i risultati finanziari del terzo trimestre 2024 con vendite nette di 748 milioni di dollari e entrate da conversione di 362 milioni di dollari. L'azienda ha raggiunto un utile netto di 12 milioni di dollari (0,74 dollari per azione diluita) e un EBITDA rettificato di 50 milioni di dollari con un margine del 13,9%. Le performance sono state guidate da un miglioramento dei prezzi nonostante condizioni di mercato miste. L'azienda ha dichiarato un dividendo trimestrale di 0,77 dollari per azione. Kaiser continua a perseguire il suo piano di espansione del margine, con miglioramenti nelle strutture di imballaggio previsti per essere completati entro la fine dell'anno. L'azienda mantiene le sue previsioni per il 2024 con una crescita stabile delle entrate da conversione fino all'1% rispetto al 2023.
Kaiser Aluminum (NASDAQ: KALU) reportó resultados financieros para el tercer trimestre de 2024 con ventas netas de 748 millones de dólares y ingresos por conversión de 362 millones de dólares. La empresa logró un ingreso neto de 12 millones de dólares (0.74 dólares por acción diluida) y un EBITDA ajustado de 50 millones de dólares con un margen del 13.9%. El rendimiento fue impulsado por un mejor precio a pesar de condiciones de mercado mixtas. La compañía declaró un dividendo trimestral de 0.77 dólares por acción. Kaiser continúa ejecutando su plan de expansión de márgenes, con mejoras en la instalación de empaques que se espera se completen para fin de año. La empresa mantiene su perspectiva para 2024 con un crecimiento estable en ingresos por conversión de hasta el 1% en comparación con 2023.
카이저 알루미늄 (NASDAQ: KALU)는 2024년 3분기 재무 결과를 발표했습니다. 이 결과는 매출 7억 4,800만 달러와 전환 수익 3억 6,200만 달러를 포함합니다. 회사는 순이익 1,200만 달러 (희석 주당 0.74달러)와 조정 EBITDA 5천만 달러를 달성했으며, 마진은 13.9%입니다. 성과는 혼합된 시장 조건에도 불구하고 가격 개선에 의해 주도되었습니다. 회사는 주당 0.77달러의 분기 배당금을 선언했습니다. 카이저는 마진 확장 계획을 실행하고 있으며, 포장 시설 개선이 연말까지 완료될 것으로 예상하고 있습니다. 회사는 2024년 전망을 유지하며 2023년 대비 전환 수익이 최대 1% 성장할 것으로 예상하고 있습니다.
Kaiser Aluminum (NASDAQ: KALU) a rapporté des résultats financiers pour le troisième trimestre 2024 avec des ventes nettes de 748 millions de dollars et des revenus de conversion de 362 millions de dollars. L'entreprise a réalisé un résultat net de 12 millions de dollars (0,74 dollar par action diluée) et un EBITDA ajusté de 50 millions de dollars avec une marge de 13,9%. La performance a été stimulée par une amélioration des prix malgré des conditions de marché mixtes. L'entreprise a déclaré un dividende trimestriel de 0,77 dollar par action. Kaiser continue d'exécuter son plan d'expansion des marges, avec des améliorations des installations d'emballage qui devraient être terminées d'ici la fin de l'année. L'entreprise maintient ses prévisions pour 2024 avec une croissance stable des revenus de conversion allant jusqu'à 1% par rapport à 2023.
Kaiser Aluminum (NASDAQ: KALU) hat die Finanzzahlen für das 3. Quartal 2024 veröffentlicht mit nettouvrkäufen von 748 Millionen Dollar und Umsatz aus Umwandlung von 362 Millionen Dollar. Das Unternehmen erzielte einen Reingewinn von 12 Millionen Dollar (0,74 Dollar pro verwässerter Aktie) und ein bereinigtes EBITDA von 50 Millionen Dollar mit einer Marge von 13,9%. Die Leistung wurde durch verbesserte Preise trotz gemischter Marktbedingungen getrieben. Das Unternehmen erklärte eine vierteljährliche Dividende von 0,77 Dollar pro Aktie. Kaiser setzt seinen Plan zur Margenerweiterung weiter um, wobei Verbesserungen an den Verpackungsanlagen bis Ende des Jahres abgeschlossen sein sollen. Das Unternehmen hält an seinem Ausblick für 2024 fest, mit stabilem Wachstum des Umwandlungsumsatzes von bis zu 1% im Vergleich zu 2023.
- Net income increased to $12 million from $5 million in prior year period
- Adjusted EBITDA improved to $50 million from $48 million year-over-year
- Adjusted EBITDA margin increased to 13.9% from 13.3% in prior year period
- Strong liquidity position of $595 million with no outstanding borrowings
- Shipments decreased to 292 million lbs from 299 million lbs year-over-year
- Aerospace/high strength shipments declined 7% due to supply chain challenges
- Packaging shipments decreased 2% following production issues
- Energy costs increased affecting operational expenses
Insights
Kaiser Aluminum's Q3 2024 results show mixed performance with some positive indicators. Net sales increased marginally to
Key positives include stable pricing across segments and operational improvements at the Warrick packaging facility. However, there are concerns in the aerospace segment due to supply chain challenges, with shipments down
The company maintains strong liquidity of
Third Quarter 2024 Highlights:
- Net Sales
$748 Million ; Conversion Revenue$362 Million - Net Income
$12 Million ; Net Income per Diluted Share$0.74 - Adjusted Net Income
$8 Million ; Adjusted Net Income per Diluted Share$0.51 - Adjusted EBITDA
$50 Million and Adjusted EBITDA Margin13.9% ; Inclusive of$4 Million GAAP LIFO Charge - Declared Quarterly Dividend of
$0.77
FRANKLIN, Tenn., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Kaiser Aluminum Corporation (NASDAQ: KALU) (the "Company" or "Kaiser"), 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 third quarter 2024 results.
Management Commentary
"We continued to make strong progress on our strategic initiatives in the third quarter and delivered stable financial performance despite mixed market conditions," said Keith A. Harvey, President and Chief Executive Officer. "Specifically, we continue to execute on our margin expansion plan, which we expect will lead to improved financial performance. Importantly, the performance enhancements at our Warrick packaging facility, including the associated capital expenditures, will be complete by the end of this year, providing a clear path to sustained margin improvement. Across the rest of our business, we are well-positioned with industry-leading products, serving a strong base of customers across diversified end markets. We are optimistic about the coming year and our ability to continue to advance our strategic plan by making further operational and efficiency improvements, maintaining our disciplined approach to investing capital to meet the needs of our customers, and ultimately delivering profitable growth to our shareholders.”
| Third Quarter 2024 Consolidated Results |
| (Unaudited)* |
(In millions of dollars, except shipments, realized price and per share amounts)
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Shipments (millions of lbs.) | 292 | 299 | 880 | 913 | ||||||||||||
| Net sales | $ | 748 | $ | 744 | $ | 2,259 | $ | 2,365 | ||||||||
| Less: Hedged cost of alloyed metal1 | (386 | ) | (387 | ) | (1,161 | ) | (1,260 | ) | ||||||||
| Conversion revenue | $ | 362 | $ | 357 | $ | 1,098 | $ | 1,105 | ||||||||
| Realized price per pound ($/lb.) | ||||||||||||||||
| Net sales | $ | 2.56 | $ | 2.48 | $ | 2.57 | $ | 2.59 | ||||||||
| Less: Hedged cost of alloyed metal | (1.32 | ) | (1.29 | ) | (1.32 | ) | (1.38 | ) | ||||||||
| Conversion revenue | $ | 1.24 | $ | 1.19 | $ | 1.25 | $ | 1.21 | ||||||||
| As reported | ||||||||||||||||
| Operating income | $ | 17 | $ | 19 | $ | 66 | $ | 74 | ||||||||
| Net income | $ | 12 | $ | 5 | $ | 40 | $ | 40 | ||||||||
| Net income per share, diluted2 | $ | 0.74 | $ | 0.34 | $ | 2.44 | $ | 2.46 | ||||||||
| Adjusted3 | ||||||||||||||||
| Operating income | $ | 21 | $ | 20 | $ | 80 | $ | 78 | ||||||||
| EBITDA4 | $ | 50 | $ | 48 | $ | 166 | $ | 158 | ||||||||
| EBITDA margin5 | 13.9 | % | 13.3 | % | 15.1 | % | 14.3 | % | ||||||||
| Net income | $ | 8 | $ | 7 | $ | 36 | $ | 35 | ||||||||
| EPS, diluted2 | $ | 0.51 | $ | 0.46 | $ | 2.18 | $ | 2.14 | ||||||||
- Hedged cost of alloyed metal for the quarters ended September 30, 2024 and September 30, 2023 included
$383.6 million and$380.0 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$2.1 million and$6.5 million in the quarters ended September 30, 2024 and September 30, 2023, 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. Hedged cost of alloyed metal for the nine months ended September 30, 2024 and September 30, 2023 included$1,158.6 million and$1,245.6 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$2.2 million and$14.8 million in the nine months ended September 30, 2024 and September 30, 2023, 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 quarter and nine months ended September 30, 2024 and the treasury stock method for the quarter and nine months ended September 30, 2023.
- 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.
Third Quarter 2024 Financial Highlights
Net sales for the third quarter 2024 increased to
Conversion revenue for the third quarter 2024 was
- Net sales for aerospace/high strength applications were
$213 million , and conversion revenue was$128 million , a5% decrease driven primarily by a7% decrease in shipments over the prior year quarter, reflecting the broader supply chain challenges in the market. - Net sales for packaging applications were
$320 million , and conversion revenue was$128 million , reflecting a9% increase over the prior year quarter due mainly to improved product mix and pricing, partially offset by a2% decrease in shipments as the Company continued to stabilize production levels following the second quarter outage and destocking period earlier in the year. Underlying demand continued to strengthen during the quarter. - Net sales for general engineering applications were
$151 million , and conversion revenue was$76 million , reflecting a modest year-over-year increase on a5% increase in shipments as pricing remained relatively stable despite uneven demand and import pressures. - Net sales for automotive extrusions were
$62 million , and conversion revenue was$29 million , reflecting a3% increase driven by improved pricing and product mix.
Reported net income for the third quarter 2024 was
Adjusted EBITDA of
Cash Flow and Liquidity
Adjusted EBITDA of
As of September 30, 2024, the Company had cash and cash equivalents of
On October 15, 2024, the Company announced the declaration of a quarterly cash dividend of
2024 Outlook
The Company expects demand to be consistent with its previous expectations for the balance of 2024. In aerospace/high strength applications, the Company remains cautious on its near-term outlook due to the timing of certain customer commercial and labor negotiations which may have a short-term impact on demand and shipments. In the packaging end market, industry momentum and performance improvements at the Company’s Warrick facility are expected to continue as it nears the completion of its fourth coating line investment, which will drive margin improvement starting in 2025. In general engineering, destocking within the Company’s long products has concluded with shipment levels now in better alignment with end market demand. In automotive extrusions, the Company is maintaining a positive outlook as production for light and heavy truck and sport utility vehicle platforms has outpaced broader automotive production rates.
Accordingly, for the full year 2024, the Company continues to expect overall conversion revenue to remain stable with growth up to
Conference Call
Kaiser Aluminum Corporation will host a conference call on Thursday, October 24, 2024, at 10:00 am (Eastern Time); 9:00 am (Central Time); 7:00 am (Pacific Time), to discuss its third quarter 2024 results. To participate, the conference call can be directly accessed from the U.S. and Canada at (877) 423-9813 and accessed internationally at (201) 689-8573. The conference call ID number is 13747332. A link to the simultaneous webcast can be accessed on the Company’s website at https://investors.kaiseraluminum.com. A copy of a presentation will be available for download prior to the call and an audio archive will be available on the Company’s website following the call.
Company Description
Kaiser Aluminum Corporation, headquartered in Franklin, Tenn., is 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. The Company’s North American facilities produce value-added plate, sheet, coil, extrusions, rod, bar, tube, and wire products, adhering to traditions of quality, innovation, and service that have been key components of the culture since the Company was founded in 1946. The Company’s stock is included in the Russell 2000® index and the S&P Small Cap 600® index.
Available Information
For more information, please visit the Company’s website at www.kaiseraluminum.com. The website includes a section for investor relations under which the Company provides notifications of news or announcements regarding its financial performance, including Securities and Exchange Commission (SEC) filings, investor events, and earnings and other press releases. In addition, all Company filings submitted to the SEC are available through a link to the section of the SEC’s website at www.sec.gov, which includes: Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Proxy Statements for the Company’s annual stockholders’ meetings, and other information statements as filed with the SEC. In addition, the Company provides a webcast of its quarterly earnings calls and certain events in which management participates or hosts with members of the investment community.
Non-GAAP Financial Measures
This earnings release contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculated and presented in accordance with GAAP in the statements of income, balance sheets, or statements of cash flow of the Company. Pursuant to the requirements of Regulation G, the Company has provided a reconciliation of non-GAAP financial measures to the most directly comparable financial measure in the accompanying tables.
The non-GAAP financial measures used within this earnings release are conversion revenue, adjusted operating income, adjusted EBITDA, adjusted net income, and adjusted earnings per diluted share which exclude non-run-rate items and ratios related thereto. As more fully described in these reports, “non-run-rate” items are items that, while they may occur from period to period, are particularly material to results, impact costs primarily as a result of external market factors and may not occur in future periods if the same level of underlying performance were to occur. These measures are presented because management uses this information to monitor and evaluate financial results and trends and believes this information to also be useful for investors. Reconciliations of certain forward looking non-GAAP financial measures to comparable GAAP measures are not provided because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted or provided without unreasonable effort.
Forward-Looking Statements
This press release contains statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 involving known and unknown risks and uncertainties that may cause actual results, performance or achievements of the Company to be materially different from those expressed or implied. These factors include: (a) the effectiveness of management's strategies and decisions, including strategic investments, capital spending strategies, cost reduction initiatives, sourcing strategies, process and countermeasures implemented to address operational and supply chain challenges, and the execution of those strategies; (b) the execution and timing of strategic investments; (c) general economic and business conditions, including the impact of geopolitical factors and governmental and other actions taken in response, cyclicality, reshoring, labor challenges, supply interruptions, customer operation disruptions, customer inventory imbalances and supply chain issues and other conditions that impact demand drivers in the aerospace/high strength, packaging, general engineering, automotive extrusions and other end markets we serve; (d) the Company’s ability to participate in mature and anticipated new automotive programs expected to launch in the future and successfully launch new automotive programs; (e) changes or shifts in defense spending due to competing national priorities; (f) pricing, market conditions and the Company’s ability to effectively execute its commercial and labor strategies, pass through cost increases, including the institution of surcharges, and flex costs in response to inflation, volatile commodity costs and changing economic conditions; (g) developments in technology; (h) the impact of the Company's future earnings, cash flows, financial condition, capital requirements and other factors on its financial strength and flexibility; (i) new or modified statutory or regulatory requirements; (j) the successful integration of the acquired operations and technologies; (k) stakeholder, including regulator and customer, views regarding the Company's sustainability goals and initiatives and the impact of factors outside of the Company's control on such goals and initiatives; and (l) other risk factors summarized in the Company's reports filed with the Securities and Exchange Commission including the Company's Form 10-K for the year ended December 31, 2023. All information in this release is as of the date of the release. The Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
| Investor Relations and Public Relations Contact: | |
| Addo Investor Relations | |
| Investors@KaiserAluminum.com | |
| (949) 614-1769 |
| Kaiser Aluminum Corporation and Subsidiary Companies | ||||||||||||||||
| Statements of Consolidated Income (Unaudited)1 | ||||||||||||||||
| (In millions of dollars, except share and per share amounts) | ||||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales | $ | 747.7 | $ | 743.6 | $ | 2,258.6 | $ | 2,365.3 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of products sold, excluding depreciation and amortization | 671.8 | 665.2 | 2,005.2 | 2,114.7 | ||||||||||||
| Depreciation and amortization | 29.0 | 27.2 | 86.8 | 79.9 | ||||||||||||
| Selling, general, administrative, research and development | 28.8 | 30.5 | 93.0 | 92.4 | ||||||||||||
| Restructuring costs | 0.7 | 1.6 | 7.6 | 4.2 | ||||||||||||
| Other operating charges, net | — | — | 0.4 | — | ||||||||||||
| Total costs and expenses | 730.3 | 724.5 | 2,193.0 | 2,291.2 | ||||||||||||
| Operating income | 17.4 | 19.1 | 65.6 | 74.1 | ||||||||||||
| Other (expense) income: | ||||||||||||||||
| Interest expense | (10.7 | ) | (11.4 | ) | (33.3 | ) | (35.4 | ) | ||||||||
| Other income (expense), net | 8.7 | (2.2 | ) | 19.1 | 8.9 | |||||||||||
| Income before income taxes | 15.4 | 5.5 | 51.4 | 47.6 | ||||||||||||
| Income tax provision | (3.4 | ) | (0.1 | ) | (11.7 | ) | (8.0 | ) | ||||||||
| Net income | $ | 12.0 | $ | 5.4 | $ | 39.7 | $ | 39.6 | ||||||||
| Net income per common share: | ||||||||||||||||
| Basic | $ | 0.75 | $ | 0.34 | $ | 2.47 | $ | 2.48 | ||||||||
| Diluted2 | $ | 0.74 | $ | 0.34 | $ | 2.44 | $ | 2.46 | ||||||||
| Weighted-average number of common shares outstanding (in thousands): | ||||||||||||||||
| Basic | 16,087 | 15,995 | 16,062 | 15,970 | ||||||||||||
| Diluted2 | 16,335 | 16,154 | 16,291 | 16,110 | ||||||||||||
- Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table.
- Diluted shares for EPS are calculated using the two-class method for the quarter and nine months ended September 30, 2024 and the treasury stock method for the quarter and nine months ended September 30, 2023.
| Summary of Cash Flows - Consolidated | ||||||||
| (Unaudited)1 | ||||||||
| (In millions of dollars) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Total cash provided by (used in): | ||||||||
| Operating activities | $ | 123.7 | $ | 137.6 | ||||
| Investing activities | $ | (118.6 | ) | $ | (105.0 | ) | ||
| Financing activities | $ | (41.8 | ) | $ | (41.2 | ) | ||
- Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table.
| Kaiser Aluminum Corporation and Subsidiary Companies | ||||||||
| Consolidated Balance Sheets (Unaudited)1 | ||||||||
| (In millions of dollars, except share and per share amounts) | ||||||||
| As of September 30, 2024 | As of December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 45.7 | $ | 82.4 | ||||
| Receivables: | ||||||||
| Trade receivables, net | 370.2 | 325.2 | ||||||
| Other | 0.9 | 12.4 | ||||||
| Contract assets | 62.0 | 58.5 | ||||||
| Inventories | 473.9 | 477.2 | ||||||
| Prepaid expenses and other current assets | 42.2 | 34.5 | ||||||
| Total current assets | 994.9 | 990.2 | ||||||
| Property, plant and equipment, net | 1,100.4 | 1,052.1 | ||||||
| Operating lease assets | 27.6 | 32.6 | ||||||
| Deferred tax assets, net | 6.3 | 6.0 | ||||||
| Intangible assets, net | 46.6 | 50.0 | ||||||
| Goodwill | 18.8 | 18.8 | ||||||
| Other assets | 116.8 | 117.7 | ||||||
| Total assets | $ | 2,311.4 | $ | 2,267.4 | ||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 275.4 | $ | 252.7 | ||||
| Accrued salaries, wages and related expenses | 51.9 | 53.0 | ||||||
| Other accrued liabilities | 54.9 | 64.3 | ||||||
| Total current liabilities | 382.2 | 370.0 | ||||||
| Long-term portion of operating lease liabilities | 25.2 | 29.2 | ||||||
| Pension and other postretirement benefits | 77.6 | 76.8 | ||||||
| Net liabilities of Salaried VEBA | 3.7 | 3.8 | ||||||
| Deferred tax liabilities | 23.7 | 13.9 | ||||||
| Long-term liabilities | 90.8 | 81.7 | ||||||
| Long-term debt, net | 1,041.2 | 1,039.8 | ||||||
| Total liabilities | 1,644.4 | 1,615.2 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, 5,000,000 shares authorized at both September 30, 2024 and December 31, 2023; no shares were issued and outstanding at September 30, 2024 and December 31, 2023 | — | — | ||||||
| Common stock, par value September 30, 2024 and December 31, 2023; 22,923,041 shares issued and 16,087,755 shares outstanding at September 30, 2024; 22,851,077 shares issued and 16,015,791 shares outstanding at December 31, 2023 | 0.2 | 0.2 | ||||||
| Additional paid in capital | 1,114.6 | 1,104.7 | ||||||
| Retained earnings | 11.8 | 10.1 | ||||||
| Treasury stock, at cost, 6,835,286 shares at both September 30, 2024 and December 31, 2023 | (475.9 | ) | (475.9 | ) | ||||
| Accumulated other comprehensive income | 16.3 | 13.1 | ||||||
| Total stockholders' equity | 667.0 | 652.2 | ||||||
| Total liabilities and stockholders' equity | $ | 2,311.4 | $ | 2,267.4 | ||||
- Please refer to the Company's Form 10-Q for the quarter ended September 30, 2024 for detail regarding the items in the table.
| Reconciliation of Non-GAAP Measures - Consolidated | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (In millions of dollars, except per share amounts) | |||||||||||||||
| Quarter Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| GAAP net income | $ | 12.0 | $ | 5.4 | $ | 39.7 | $ | 39.6 | |||||||
| Interest expense | 10.7 | 11.4 | $ | 33.3 | 35.4 | ||||||||||
| Other (income) expense, net | (8.7 | ) | 2.2 | $ | (19.1 | ) | (8.9 | ) | |||||||
| Income tax provision | 3.4 | 0.1 | $ | 11.7 | 8.0 | ||||||||||
| GAAP operating income | 17.4 | 19.1 | 65.6 | 74.1 | |||||||||||
| Mark-to-market (gain) loss1 | — | (0.3 | ) | 2.2 | (0.2 | ) | |||||||||
| Restructuring costs | 0.7 | 1.6 | 7.6 | 4.2 | |||||||||||
| Non-cash asset impairment charge | — | — | 0.4 | — | |||||||||||
| Other operating NRR loss2,3 | 3.3 | — | 3.7 | — | |||||||||||
| Operating income, excluding operating NRR items | 21.4 | 20.4 | 79.5 | 78.1 | |||||||||||
| Depreciation and amortization | 29.0 | 27.2 | 86.8 | 79.9 | |||||||||||
| Adjusted EBITDA4 | $ | 50.4 | $ | 47.6 | $ | 166.3 | $ | 158.0 | |||||||
| GAAP net income | $ | 12.0 | $ | 5.4 | $ | 39.7 | $ | 39.6 | |||||||
| Operating NRR items | 4.0 | 1.3 | $ | 13.9 | 4.0 | ||||||||||
| Non-operating NRR items5 | (8.6 | ) | 1.4 | $ | (19.1 | ) | (10.3 | ) | |||||||
| Tax impact of above NRR items | 1.0 | (0.7 | ) | $ | 1.1 | 1.2 | |||||||||
| Adjusted net income | $ | 8.4 | $ | 7.4 | $ | 35.6 | $ | 34.5 | |||||||
| Net income per share, diluted6 | $ | 0.74 | $ | 0.34 | $ | 2.44 | $ | 2.46 | |||||||
| Adjusted earnings per diluted share6 | $ | 0.51 | $ | 0.46 | $ | 2.18 | $ | 2.14 | |||||||
- Mark-to-market (gain) loss on derivative instruments includes the (gain) loss on non-designated commodity hedges. Adjusted EBITDA reflects the impact realized upon settlement.
- NRR is an abbreviation for non-run-rate; NRR items are pre-tax.
- Other operating NRR items primarily represent the impact of adjustments to legacy environmental accruals.
- Adjusted EBITDA = Consolidated operating income, excluding operating NRR items, plus Depreciation and amortization.
- Non-operating NRR items represent the impact of non-cash net periodic benefit cost related to the Salaried VEBA excluding service cost, gains recorded from the sale of land, and gains recorded from business interruption insurance recoveries.
- Diluted shares for EPS are calculated using the two-class method for the quarter and nine months ended September 30, 2024 and the treasury stock method for the quarter and nine months ended September 30, 2023.
Totals may not sum due to rounding.
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