Kaiser Aluminum Posts Profit

California company says lower costs, product strength leads to upswing.

FOOTHILL RANCH, Calif. (AP) — Kaiser Aluminum Corp. said today it swung to a second-quarter profit on lower costs and strength in its fabricated products and primary products segments.
The aluminum producer reported net income of $34.7 million, or $1.73 per share, compared with a loss of $2.5 million, or 3 cents per share, in the previous year.
Analysts polled by Thomson Financial expected earnings of 81 cents per share.
Total costs and expenses dropped to $322.4 million versus $345.1 million a year ago.
Revenue for the quarter rose 9 percent to $385.1 million from $353.5 million.
Operating income for fabricated products — used in aerospace, automotive and custom industrial applications — climbed to $48 million from $16 million, while primary products operating income grew to $14 million from $4 million.