2020-10-21 16:38:08 KALU Kaiser Aluminum
10/21/20 10/2116:38 10/21/2016:38 | Kaiser Aluminum backs second half of 2020 revenue view of down 10%-15%Still anticipates slow recovery for large commercial aerospace applications driven by longer than expected recertification of the 737 MAX, slower recovery in domestic and international air travel and destocking in the supply chain. Expects value added revenue for commercial aerospace applications down approximately 30%-35% from a record 2019, vs. previously anticipated decline of approximately 20%-25% year-over-year. Longer term, the company anticipates that it could be two to four years before large commercial aerospace demand returns to levels similar to 2019. Demand for the company's defense applications is expected to continue in 2021. Strong demand for automotive extrusions is expected to continue to be driven by growth in aluminum content and North American vehicle build rates, currently projected to increase from 12.9 million vehicles in 2020 to over 15.2 million vehicles in 2021. "Overall, we are well positioned to continue to navigate challenging market conditions and capitalize on opportunities to further strengthen our prospects for long-term profitable growth. Total liquidity remains strong at $1B and our disciplined capital allocation priorities and our financial guidelines remain unchanged. Although there remains uncertainty as we look forward, at this time we believe that overall 2020 will be the trough, and as business conditions improve, we expect to emerge from the current environment stronger and better positioned to compete over the longer-term," concluded CEO Harvey. |
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