UPDATE 1-Kaiser Aluminum's 2nd-qtr adj profit doubles

* Q2 adjusted EPS more than doubles

* Shares 2 pct higher in after-hours trading

SAN FRANCISCO Aug 2 (Reuters) - Kaiser Aluminum Corp (KALU.O) said on Monday its underlying quarterly profit more than doubled, helped by cost cuts and stronger-than-expected shipments for aerospace and high-strength products.

Chief Executive Jack Hockema also said Kaiser's fabricated products segment had its best quarter in two years.

Net earnings were $100,000, or 1 cent per share, compared with $20 million, or 97 cents per share, in the same quarter of 2009, the Foothill Ranch, California-based company said.

But adjusted net income was $13.5 million, or 71 cents per share, compared with $6.5 million, or 32 cents per share, a year before, excluding non-run-rate items in both periods. On that basis, analysts had expected a profit of 39 cents per share, according to the average on Thomson Reuters I/B/E/S.

Net sales rose 22 percent to $282 million.

Shares of the company rose more than 2 percent to $41.98 in light, after-hours trading. (Reporting by Braden Reddall in San Francisco, with additional reporting by Steve James; editing by Bernard Orr)