Last night, Atlanta-based Novelis Inc., a global aluminum recycler and products manufacturer, released its December quarter results and reported net income attributable to its common shareholder of $121 million, a significant increase from $12 million in the same period last year. The company's net income, excluding items, was $174 million, up 81% year over year.
Net sales fell 6% year-over-year to $3.9 billion in the third quarter of fiscal 2024, weighed down by lower average aluminum prices. Total shipments of flat rolled products amounted to 910 kilotons compared to 908 kilotons in the same period last year. “Shipments were flat due to a decline in shipments of specialty products due to subdued economic conditions in some markets, but were more than offset by continued growth in automotive shipments and a return in demand for beverage packaging films,” Hindalco said in a press release.
Novelis' adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) were $454 million, up 33% year-over-year. Adjusted EBITDA per ton shipped was $499, up 33% year over year.
“Novelis delivered significant year-over-year improvement in adjusted EBITDA and adjusted EBITDA per ton margin, consistent with our expectations for continued margin recovery this fiscal year,” said Steve Fisher, president and CEO of Novelis Inc.
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