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Novelis announced Q3 results

Metal News - Published on Mon, 11 Feb 2019

Image Source: Recycling Today
Novelis Inc the world leader in aluminum rolling and recycling, today reported net income attributable to its common shareholder of USD 78 million for the third quarter of fiscal year 2019, compared to USD 121 million in the prior year period. Excluding tax-effected special items, the company reported net income of USD 101 million in the third quarter of fiscal 2019, compared to $138 million in the prior year period. This decline is primarily due to a $34 million non-cash income tax benefit in the prior year resulting from the U.S. Tax Cut and Jobs Act of 2017.

Adjusted EBITDA increased six percent over the prior year to USD 322 million in the third quarter of fiscal 2019, primarily driven by higher shipments, favorable product portfolio mix, favorable metal costs and other cost efficiencies. Adjusted EBITDA per ton reached USD 403 in the quarter, as compared to USD 383 in the prior year period.

Net sales increased three percent over the prior year to USD 3.0 billion for the third quarter of fiscal 2019, driven by higher total shipments and a more favorable product mix. Shipments of flat rolled products increased one percent to 800 kilotonnes.

Demand for innovative, high-strength, lightweight aluminum solutions continues to increase as customers benefit from using a highly recyclable material that improves consumer products. Automakers are adopting more aluminum to build safer, stronger, and lighter vehicles, while beverage companies continue to innovate sustainable aluminum packaging options.

Mr Steve Fisher, President and CEO, Novelis Inc said that "Continued customer demand from automakers and favorable market conditions in beverage can contributed to this quarter's strong financial results. Our proven operational performance and strategic growth initiatives have positioned the company to make our customers more successful today and well into the future."

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Posted By : Rabi Wangkhem on Mon, 11 Feb 2019
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