Aleris’ Net Loss Further Widened in Q4 2019

SEATTLE (Scrap Monster): Aleris Corporation reported results for the three months and year ended 31^st December, 2019.

The company’s net loss in Q4 2019 widened to $28 million, as compared with net loss of $23 million in Q4 2018. The adjusted EBITDA recorded improvement from $61 million a year before to $80 million in the fourth quarter of 2019. The global aerospace volumes increased, while global automotive volumes recorded decline.

For the full year 2019, the company reported net loss of $12 million. This compares with net loss of $92 million in 2018. The adjusted EBITDA too were up from $276 million to $338 million over the previous year.

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Commenting on the outlook for Q1 2020, the company said that segment income and adjusted EBITDA are expected to be lower than the year-before quarter. Global aerospace shipments are expected to slow down slightly. The North American automotive volumes are likely to decline. Also, Aleris expects continuation of ongoing softer automotive production and industrial activity from the European region.

Sean Stack, Chairman and CEO, Aleris noted that the long-term strategy of investing in aerospace and automotive capabilities across the globe has started yielding results. The company is prepared to deal with heightened market uncertainties on account of coronavirus spread, he added.