Kaiser Aluminum posted record second-quarter results and raised its 2026 outlook, with higher metal prices lifting the top line

Kaiser Aluminum reported a record quarter. The specialty-aluminum maker posted second-quarter net sales of $1,257m, up from $823m a year earlier, with net income of $97m, or $5.72 per diluted share, against $23m, or $1.41, in the same quarter of 2025. Adjusted EBITDA rose to $166m, a 38.1 percent margin, and the company raised its full-year outlook.

The headline rests partly on metal. Kaiser buys aluminum and passes its cost through to customers, so a higher aluminum price inflates net sales without adding value. The realized price per pound rose to $4.11 from $2.85, while conversion revenue, which removes the hedged cost of that metal, rose more modestly to $437m from $374m. Shipments were 306 million pounds, up from 288 million.

Chief Executive Keith Harvey credited a higher-value packaging mix, improving aerospace demand and favorable scrap spreads, aided by what the company called metal-lag tailwinds. He said Kaiser expects aluminum price dynamics to normalize over the rest of the year. The board declared a quarterly dividend of $0.77, and net debt leverage improved to 2.1 times.