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Aleris Corporation announced Q1 2019 results

Metal News - Published on Wed, 15 May 2019

Image Source: Forbes
Aleris Corporation reported results for the three months ended March 31, 2019.

First Quarter Summary
1. Net loss of USD 33 million compared to net income of USD 5 million in the first quarter of 2018
2. Record first quarter Adjusted EBITDA of USD 85 million compared to USD 54 million in 2018
3. Global aerospace volumes increased significantly, benefiting from multi-year contracts and continued growth in Asia Pacific
4. Global automotive volumes up due to increased commercial shipments from North America automotive assets
5. Favorable metal environment and improved rolling margins in North America
6. Liquidity of approximately USD 384 million as of March 31, 2019

Second Q2 Outlook

1. Second quarter 2019 segment income and Adjusted EBITDA expected to be higher sequentially and higher than the second quarter of 2018
2. Global aerospace volumes expected to increase, continuing to benefit from our new multi-year contracts
3. Commercial shipments from North America automotive assets expected to continue to grow based on committed volumes
4. European automotive and heat exchanger end-uses showing signs of softness
5. Favorable year-over-year metal spreads and rolling margins expected in North America
6. Continued inflationary cost pressure expected

Mr Sean Stack, Aleris Chairman and CEO said that "We are off to a strong start this year with record first quarter Adjusted EBITDA, significant growth in aerospace and continued growth in commercial shipments from our new automotive assets in North America. Following the hard work by our teams to ramp up the strategic investments we have made to serve these industries, it's both exciting and rewarding to see these strong results. With our multi-year aerospace agreements in place and committed automotive volumes in North America, we expect to continue this momentum in the second quarter."

Source :

Posted By : Rabi Wangkhem on Wed, 15 May 2019
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