Kaiser Aluminum ends Q2 with $267 million of cash, equivalents

By Lisa Kerner

Charlotte, N.C., July 21 – Kaiser Aluminum Corp. ended its second quarter with cash, cash equivalents and short-term investments of about $267 million and borrowing availability under its revolving credit facility of roughly $280 million.

During the quarter ended June 30, Kaiser issued $375 million of 5.875% unsecured senior notes due May 2024. Proceeds were used to redeem the remaining principal amount of the 8.25% unsecured senior notes due June 2020.

Kaiser returned about $25 million to shareholders during the first half of the year through quarterly dividends and share repurchases.

Net sales in the quarter were down at $335 million, from $367 million in the prior-year period.

Adjusted consolidated EBITDA was $55 million, or 27% of value-added revenue, for the second quarter 2016, compared to $52 million, or 26% of value-added revenue, for the prior-year period.

Kaiser is a Foothill Ranch, Calif.-based producer of semi-fabricated specialty aluminum products.

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