Kaiser Aluminum reports Q1 EPS 42c, consensus (16c)

Reports Q1 revenue $807.6M, consensus $810.22M."Our first quarter results were better than anticipated as a result of our focused execution and continued traction on pricing along with favorable demand trends in certain key markets," said Keith A. Harvey, President and Chief Executive Officer. "While the demand environment was mixed during the quarter, our performance overall met or exceeded our expectations, led by strengthening aerospace demand and our strong market position to service incremental volumes in this market. While destocking continued in the packaging market, we benefitted from improved pricing and a stabilization of our operations at Warrick following a highly challenging 2022. We remain optimistic on the long-term outlook for packaging given our niche market focus on coated products, the significant investments we are making and the continued secular shift to aluminum. Looking ahead, we remain focused on cost reductions in our operations, improving manufacturing efficiencies and continuing commercial actions to improve our margins."