Atlanta — Novelis, the world leader in aluminum rolling and recycling, has reported net income attributable to its common shareholder of $38 million for the second quarter of fiscal year 2015 compared to $23 million in the second quarter of fiscal year 2014. Excluding certain tax-effected items, net income was $42 million, up 14 percent compared to the second quarter of fiscal year 2014.
Adjusted EBITDA for the second quarter of fiscal 2015 was $230 million, a 1 percent increase compared to $228 million reported for the prior year. The increase was primarily driven by higher shipments and cost benefits from using recycled metal inputs. These favorable drivers were partially offset by continued pricing pressures in the Asian markets, a higher fixed cost base due to expansions ahead of revenue generation, and unfavorable currency fluctuations late in the second quarter.
Shipments of aluminum rolled products increased 7 percent in the second quarter of fiscal 2015 to 765 kilotonnes compared to 713 kilotonnes in the prior year. For the fourth consecutive quarter, all four operating regions reported an increase in shipments year-over-year. Shipment growth combined with higher aluminum prices drove a 17 percent increase in net sales for the second quarter of fiscal 2015 to $2.8 billion as compared to $2.4 billion for the second quarter of fiscal 2014.
Over the past three years, Novelis has invested significantly to capture growth in premium flat rolled products and enhance the sustainability of its products. To date this fiscal year, the company has:
- Expanded its recycling operations in Brazil and commissioned the world’s largest aluminum recycling facility in Germany;
- Grown total shipments through the ramp-up of new rolling capacity in Korea and Brazil;
- Become the only company able to produce automotive sheet in all three of the world’s major automobile producing regions – Asia, Europe and North America – with the opening of China’s first manufacturing facility for heat-treated aluminum automotive sheet.
„These achievements further demonstrate that Novelis is the global leader in aluminum recycling and the aluminum partner-of-choice for automakers around the world,“ said Martens. „It’s an exciting time at Novelis as we continue to transform our business with a more sustainable focus on growing high recycled content premium products.“
Source: Novelis / PR Newswire