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Aleris Corporation Announces Q3 Results

Metal News - Published on Thu, 14 Nov 2019

Image Source: crainscleveland.com
Aleris Corporation reported results for the three and nine months ended September 30, 2019. Aleris Chairman and CEO Mr Sean Stack said that "Our global aerospace and automotive capabilities along with our North America common alloy and scrap position have once again led the way to another record quarter. We've been well positioned to capitalize on demand opportunities in our higher value end uses and we expect this momentum to continue through the end of the year. I am proud of our Aleris team for the unwavering focus on serving customers as we've successfully shifted the business toward the production of higher value products."

Third Quarter Summary
Net income of USD 25 million compared to net loss of USD 26 million in the third quarter of 2018
Record Adjusted EBITDA of USD 115 million compared to USD 77 million in the third quarter of 2018
Global aerospace volumes increased on strong demand and growth
Global automotive volumes up on higher North America demand; Europe automotive volumes unfavorably impacted by regional demand softness
Favorable metal environment and improved rolling margins in North America
Liquidity of approximately USD 368 million as of September 30, 2019

Fourth Quarter Outlook
Fourth quarter 2019 segment income and Adjusted EBITDA expected to be higher than the fourth quarter of 2018 and sequentially lower due to normal seasonality
Global aerospace volumes expected to benefit from strong demand and fundamentals
North America automotive sales expected to continue to increase based on committed volumes but could see temporary softness due to labor disruption in the automotive supply chain
Continued softness expected for European automotive, heat exchanger and regional end-uses
Favorable year-over-year rolling margins expected in North America

Source :

Posted By : Rabi Wangkhem on Thu, 14 Nov 2019
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