Kaiser Aluminum Corporation (NASDAQ:KALU) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 01:00 pm ET


Kaiser Aluminum Corporation (NASDAQ:KALU) Q2 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by, and welcome to the Kaiser Aluminum Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference may be recorded. [Operator Instructions]

I would now like to hand the conference over to your host, Melinda Ellsworth. Madam, you may begin.

Melinda C. Ellsworth

Thank you. Good afternoon, everyone, and welcome to Kaiser Aluminum's second quarter and first half 2020 earnings conference call. If you have not seen a copy of our earnings release, please visit the Investor Relations page on our website at kaiseraluminum.com. We have also posted a PDF version of the slide presentation for this call.

Joining me on the call today are Chief Executive Officer and Chairman, Jack Hockema; President and Chief Operating Officer, Keith Harvey; Senior Vice President and Chief Financial Officer, Neal West; and Vice President and Chief Accounting Officer, Jennifer Huey.

Before we begin, I'd like to refer you to the first three slides of our presentation and remind you that the statements made by management and the information contained in this presentation that constitute forward-looking statements are based on management's current expectations. For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the Company's earnings release and reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the full-year ended December 31, 2019, and Form 10-Qs for the quarters ended March 31, 2020, and June 30, 2020. The Company undertakes no duty to update any forward-looking statements to conform the statement to actual results or changes in the Company's expectations.

In addition, we have included non-GAAP financial information in our discussion. Reconciliations to the most comparable GAAP financial measures are included in the earnings release and in the appendix of the presentation. Any reference in our discussion today to EBITDA means adjusted EBITDA, which excludes non-run rate items for which we've provided reconciliations in the appendix. At the conclusion of the Company's presentation, we will open the call for questions.

I would now like to turn the call over to Jack Hockema. Jack?

Jack A. Hockema

Thanks, Melinda. Welcome to everyone joining us on the call today. I want to begin today by acknowledging our recently announced executive succession plan. Following a multi-year planning process, I will step down as CEO on July 31, and Keith Harvey, will assume the role of President and CEO of Kaiser Aluminum, while I'll remain on the Board of Directors as Executive Chairman. Keith and I've worked together for the past 25 years, developing and implementing the culture and the strategy that have positioned Kaiser as the highly respected industry leader it is today. Keith has had full responsibility for the operations of the Company as President and COO since 2015. And during that time, he is focused on building a strong and deep management team as we work through a planned transition for him to assume the additional duties of CEO.