Kaiser Aluminium Sees Better Than Expected Sales

Foothill Ranch-based Kaiser Aluminum Corp. reported a third-quarter profit that was just shy of expectations while revenue came in higher than what Wall Street was looking for. The company, which shapes aluminum into custom pieces for the defense, aviation and auto industries, reported an adjusted profit of $5.5 million, down 62% from a year earlier and just short of the $5.8 million expected on average by analysts. Kaiser reported sales of $252 million, down 31% from a year earlier and topping Wall Street’s expectation of $237 million. The results “continue to reflect a challenging economic and market environment,” Chief Executive Jack Hockema, said. “Overall demand remained weak.” There were some bright spots. Kaiser’s higher revenue came from an uptick in sales to automakers and a tempering in the declining stockpiles seen at distributors this year. Shipments of aluminum plates to some aerospace companies fell as orders shifted from the third to the fourth quarter. The company didn’t offer a specific revenue and profit forecast but said “the market outlook will remain similar to conditions experienced in the previous six months.”