Kaiser Aluminum Corp swings to annual profit
Source: IRIS | 22 Feb, 2017, 02.59PM
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 Kaiser Aluminum Corporation (KALU) swung to a net profit for the year ended Dec. 31, 2016. The company has made a net profit of $91.70 million, or $ 5.09 a share in the year, against a net loss of $236.60 million, or $13.76 a share in the last year. Revenue during the year dropped 4.40 percent to $1,330.60 million from $1,391.90 million in the previous year. Operating income for the year was $177.80 million, compared with an operating loss of $345.90 million in the previous year.
'Our fourth quarter 2016 results reflect solid underlying demand with normal year-end seasonal weakness. Strong shipments and value added revenue were supported by delivery of the unusually high in-transit aerospace plate inventory at end of the third quarter. Earnings benefited from strong sales margins, as the negative impact of competitive price pressure was more than offset by favorable product mix and strong underlying manufacturing efficiency,” said Jack A. Hockema, chief executive officer and chairman. Working capital increases sharply
Kaiser Aluminum Corporation has recorded an increase in the working capital over the last year. It stood at $490.90 million as at Dec. 31, 2016, up 47.73 percent or $158.60 million from $332.30 million on Dec. 31, 2015. Current ratio was at 3.98 as on Dec. 31, 2016, up from 2.96 on Dec. 31, 2015.
Debt increases substantially
Kaiser Aluminum Corporation has witnessed an increase in total debt over the last one year. It stood at $368.90 million as on Dec. 31, 2016, up 89.47 percent or $174.20 million from $194.70 million on Dec. 31, 2015. Total debt was 25.56 percent of total assets as on Dec. 31, 2016, compared with 15.57 percent on Dec. 31, 2015. Debt to equity ratio was at 0.46 as on Dec. 31, 2016, up from 0.25 as on Dec. 31, 2015. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
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