WASHINGTON (dpa-AFX) - Kaiser Aluminum Corp. (KALU) on Wednesday reported first-quarter net income of $26.5 million or $1.38 per share, up from $10.8 million or $0.57 per share in the prior-year period.
Excluding one-time items, adjusted net income for the quarter rose to $20.9 million or $1.09 per share from $7.9 million or $0.41 per share in the same period last year.
On average, five analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter. Analysts' estimates typically exclude one-time items.
Net sales for the quarter increased to $365.4 million from $322.6 million in the same period last year. Analysts had a consensus revenue estimate of $352.94 million for the quarter.
Looking ahead, the company anticipates its value added revenue and adjusted EBITDA in the second quarter will reflect a step change year-over-year, but at a level 5 percent to 10 percent less than the first quarter.
This is primarily due to service center inventory swings and to planned outages of certain equipment as the company expands capacity to support the expected demand growth in aerospace and high strength applications.
The company now expects value added revenue in the first half of 2012 will be up 15 percent to 20 percent from the year-ago period.
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