Kaiser Aluminum Shares Up 4.4% On Earnings Beat ( KALU)

Kaiser Aluminum Corporation KALU released financial results late Monday that far exceeded Wall Street earnings estimates. Kaiser Aluminum Corporation announced that its 2nd quarter net income fell to $0.1 million, or 1 cent per share, from $20 million, or 97 cents per share, a year earlier. Excluding special items, the company reported earnings of 71 cents per share. The company reported that its net sales climbed to $282 million, up from $232 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 39 cents per share, on revenue of $280.34 million. Chairman, president and chief executive officer Jack A. Hockema said, "The underlying second quarter results for our Fabricated Products segment were the best in two years. Adjusted operating income increased 30% on a sequential basis and 75% compared to the prior year quarter. The sequential increase was driven by higher value added revenue on stronger-than-expected shipments of aerospace and high strength applications as well as continued improvement in manufacturing cost efficiencies." Kaiser Aluminum Corporation (KALU) finished Monday trading at $41.09 per share and climbed 4.4% to $42.90 per share in after hours trading. The consensus price target of analysts covering the company's stock is $45 per share. Read more from Benzinga's Company news.