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Novelis Reports Third Quarter of Fiscal 2020 Results

Metal News - Published on Fri, 14 Feb 2020

Image Source: Novelis Hindalco
Novelis Inc has reported net income attributable to its common shareholder of USD 107 million for the third quarter of fiscal year 2020, compared to USD 78 million in the prior year period. Excluding tax-effected special items in both years, the company reported net income of USD 132 million in the third quarter of fiscal 2020, compared to USD 101 million in the prior year period. This 31 percent increase is primarily due to higher Adjusted EBITDA. Adjusted EBITDA increased seven percent to USD 343 million in the third quarter of fiscal 2020 compared to USD 322 million in the prior year period, primarily driven by portfolio optimization efforts, operating cost efficiencies, and favorable foreign exchange, partially offset by less favorable recycling benefits due to lower aluminum prices. Adjusted EBITDA per ton reached USD 430 in the quarter, as compared to USD 403 in the prior year.

Net sales decreased ten percent from the prior year period to USD 2.7 billion for the third quarter of fiscal 2020, driven by lower average LME aluminum prices and local market premiums. Flat rolled product shipments were in line with the prior year, at 797 kilotonnes.

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Posted By : Yogender Pancholi on Fri, 14 Feb 2020
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