SAN FRANCISCO, Aug 2 (Reuters) - Kaiser Aluminum Corp said on Monday its underlying quarterly profit more than doubled, helped by cost cuts and stronger-than-expected shipments for aerospace and high-strength products.
Chief Executive Jack Hockema also said Kaiser's fabricated products segment had its best quarter in two years.
Net earnings were $100,000, or 1 cent per share, compared with $20 million, or 97 cents per share, in the same quarter of 2009, the Foothill Ranch, California-based company said.
But adjusted net income was $13.5 million, or 71 cents per share, compared with $6.5 million, or 32 cents per share, a year before, excluding non-run-rate items in both periods. On that basis, analysts had expected a profit of 39 cents per share, according to the average on Thomson Reuters I/B/E/S.
Net sales rose 22 percent to $282 million.
Shares of the company rose more than 2 percent to $41.98 in light, after-hours trading.
(Reporting by Braden Reddall in San Francisco, with additional reporting by Steve James; editing by Bernard Orr) Keywords: KAISERALUMINUM/ (steve.james@thomsonreuters.com; +1 646-223-6013; Reuters Messaging: steve.james.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Chief Executive Jack Hockema also said Kaiser's fabricated products segment had its best quarter in two years.
Net earnings were $100,000, or 1 cent per share, compared with $20 million, or 97 cents per share, in the same quarter of 2009, the Foothill Ranch, California-based company said.
But adjusted net income was $13.5 million, or 71 cents per share, compared with $6.5 million, or 32 cents per share, a year before, excluding non-run-rate items in both periods. On that basis, analysts had expected a profit of 39 cents per share, according to the average on Thomson Reuters I/B/E/S.
Net sales rose 22 percent to $282 million.
Shares of the company rose more than 2 percent to $41.98 in light, after-hours trading.
(Reporting by Braden Reddall in San Francisco, with additional reporting by Steve James; editing by Bernard Orr) Keywords: KAISERALUMINUM/ (steve.james@thomsonreuters.com; +1 646-223-6013; Reuters Messaging: steve.james.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.