Noranda Aluminum Holding Corporation announced the following preliminary financial results for the Q3 of 2009
| | 2009 | 2009 | 2008 | 2009 | 2009 | 2008 |
| Low | High | Actual | Low | High | Actual | |
| Sales | 218 | 218 | 357.4 | 540 | 540 | 1,004.90 |
| Operating income | -13 | -3 | 32.1 | -86 | -76 | 109 |
| Net income (loss) | 1 | 8 | -22.4 | 33 | 40 | -1.7 |
| Adjusted EBITDA | 27 | 31 | 60.6 | 68 | 72 | 225.6 |
In USD million
For Q3 2009, the Company expects to report consolidated revenues of USD 218 million.
1. External upstream revenues were USD 108 million in Q3 2009. External aluminum shipments for the period totaled 77 million pounds, representing a 12% increase compared to Q2 2009 shipments and a 40% decrease as compared to Q3 2008.
2. Q3 2009 upstream revenues also included approximately USD 19 million from Gramercy and St Ann external shipments of alumina and bauxite in September and USD 14 million from the resale of alumina inventories in excess of New Madrid's requirements.
3. We are in negotiations to sell additional alumina to optimize our capacity utilization.
4. Downstream revenues were USD 110 million in Q3 2009. Downstream shipment volumes were 84 million pounds in Q3 2009, representing a 6% increase compared to Q2 2009 and an 11% decrease compared to Q3 2008.
For Q3 2009, the Company expects to report an operating loss in the range of USD 3 million to USD 13 million. This range compares to operating income of USD 12.4 million for Q2 2009 and USD 32.1 million for Q3 2008. Q3 2009 operating results include USD 14 million of insurance proceeds recognized in excess of claim expenses incurred to date related to the previously reported January 2009 pot line freeze at the Company's New Madrid, Missouri aluminum smelter. Q2 2009 operating income included USD 33.3 million favorable impact from the timing of recognition of expected insurance recoveries in relationship to expenses.
For Q3 2009, the Company expects to report net income in the range of USD 1 million to USD 8 million, compared to a net loss of USD 12.1 million in Q2 2009 and USD 22.4 million in Q3 2008. In addition to the operating loss factors discussed above, Q3 2009 net income includes the after tax effects of USD 28 million gain on debt repurchases. In Q3 2009, the Company repurchased USD 81 million aggregate principal amount of debt for an aggregate price of USD 52 million, plus fees.
The Company ended Q3 2009 with total debt of USD 1.0 billion, USD 256 million in cash and USD 191 million of locked in value from offsetting fixed price aluminum sales and purchase swaps.