Kaiser Aluminum 10-Q: Q3 Net Income $31.0M, Full-Year EBITDA Growth Guided to Low End
KALU sits 47% above its 52-week low of $77.24 on elevated volume (4.6× avg).
Summary
Kaiser's Q3 10-Q confirms $1.21 billion of sales and $31.0 million of net income, and narrows full-year Adjusted EBITDA growth guidance to the low end of its 45%-55% range on outages and metal headwinds.
Key Events · Earnings and Guidance · KALU
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Q3 Sales Up 44%, Profit Down
Net sales rose to $1,214.5 million from $843.5 million on a 30% higher realized price and 11% more shipments, but net income fell to $31.0 million from $39.5 million as prior-year non-operating gains did not repeat.
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EBITDA Guidance Nudged to Low End
Management maintained its 45%-55% Adjusted EBITDA growth outlook versus 2025 but now expects results toward the lower end of the range due to planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds.
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Nine-Month Earnings Nearly Double
Nine-month net income was $190.3 million ($11.26 diluted per share) versus $84.3 million ($5.10) a year earlier, with Adjusted EBITDA of $378.8 million against $222.4 million.
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Liquidity of $687.2 Million
Cash of $117.3 million plus $569.9 million of revolver availability; no borrowings outstanding under the $575.0 million Revolving Credit Facility at September 30, 2026.
Analysis · KALU · Manufacturing
The headline numbers were already out on October 21, but the 10-Q is where the detail lives — and the detail is mixed. Sales jumped 44% to $1.21 billion on higher realized prices and 11% more shipments, yet net income fell to $31.0 million from $39.5 million a year ago because last year's quarter carried $11.4 million of non-operating gains (property sales and insurance recoveries) that did not repeat. More important for the thesis: management kept its 45%-55% Adjusted EBITDA growth target for 2026 but now expects to land at the low end, citing planned operational outages, execution performance, customer year-end inventory alignment and metal-related headwinds. Nine-month Adjusted EBITDA of $378.8 million is already up sharply from $222.4 million, so the year is strong — the question is whether the fourth quarter stalls. Balance sheet is comfortable: $117.3 million of cash plus $569.9 million available on the revolver, with no revolver borrowings outstanding.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 29.3% of the 1526 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.41%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, KALU was trading at $113.49 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $1.9B. The 52-week trading range was $77.24 to $199.89. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.