AMAG Austria Metall AG Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for the Year 2016
November 03, 2016 at 02:34 am EDT
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AMAG Austria Metall AG announced earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company's revenue was EUR 225.7 million compared with EUR 232.9 million a year ago. EBITDA was EUR 36.3 million compared with EUR 33.2 million a year ago. EBIT was EUR 19.4 million compared with EUR 15.9 million a year ago. Net income after taxes was EUR 12.7 million compared with EUR 12.0 million a year ago. Cash flow from operating activities was EUR 31.9 million compared with EUR 51.0 million a year ago.
For the nine months, the company's revenue was EUR 687.1 million compared with EUR 704.5 million a year ago. Effects from the lower aluminum price were almost offset by higher shipment volumes especially in the Rolling Division. EBITDA was EUR 109.7 million compared with EUR 102.1 million a year ago. Especially higher shipment volumes in the Rolling Division and more favorable raw materials costs and cost optimization at the Alouette smelter in Canada contributed to this result. EBIT was EUR 58.6 million compared with EUR 50.3 million a year ago. Net income after taxes was EUR 38.5 million compared with EUR 33.5 million a year ago. Cash flow from operating activities was EUR 101.5 million compared with EUR 77.6 million a year ago.
The company expects EBITDA of around EUR 135 million for the 2016 financial year, thereby again upgrading its earnings forecast of EBITDA in the range of EUR 120 million to EUR 130 million.
AMAG Austria Metall AG is an Austria-based holding group company. It manages its business through four operating divisions Metal, Casting, Rolling and Service. The Metal Division includes the 20 % interest held in the Alouette smelter, and is responsible within the AMAG Group for the production of primary aluminium, the control of metal flows, the hedging of AMAGâs operating companies against aluminium price risk and the marketing of primary aluminium. Casting Division recycles aluminium scrap in order to produce high-quality casthouse alloys. Its product portfolio covers aluminium materials tailored to customer requirements in the form of ingots, sows and liquid aluminium. Rolling Division is responsible for the production and sale of rolled products (sheets, coils and plates), as well as precision and rolled plates. The rolling mill specialises in premium products for selected markets. Service Divisionâs portfolio includes facility management (building and area management).
AMAG Austria Metall AG Announces Earnings Results for the Third Quarter and Nine Months Ended September 30, 2016; Revises Earnings Guidance for the Year 2016