Kaiser Aluminum Corp. beat Wall Street expectations on revenue and earnings for the fourth quarter and full year.
The Foothill Ranch, Calif.-based maker of semi-fabricated aluminum products posted net income of $15.6 million, or 85 cents per share, for the quarter. Earnings totaled $71.8 million, or $3.86 per share, for the year.
Net income, adjusted for non-recurring gains, was $62.8 million or $3.38 per share, for the full year and $15.5 million or 85 cents per share for the fourth quarter. Analysts expected earnings of 82 cents for the quarter and $3.37 per share for the year.
With a decline of 0.9% on the LME to $1,814 per metric ton on Tuesday, February 17, the cash price of primary aluminum recorded the biggest decline of the day. The aluminum 3-month price saw a 0.9% decline on the LME to $1,829 per metric ton. The cash price of primary Indian aluminum weakened by 0.7%, settling at INR 113.95 ($1.83) per kilogram.
Chinese aluminum prices were mixed for the day. The cash price of Chinese aluminum declined 0.2% to CNY 12,910 ($2,065) per metric ton. Chinese aluminum bar closed 0.1% lower at CNY 13,700 ($2,192) per metric ton. Chinese aluminum scrap stayed flat at around CNY 12,500 ($2,000) per metric ton. The price of Chinese aluminum billet showed little movement on Tuesday at CNY 12,940 ($2,070) per metric ton.