Novelis Declared Q1 Fiscal Year 2024 Results

SEATTLE (Scrap Monster): Atlanta-headquartered Novelis, Inc. announced Q1 fiscal year 2024 results.

The company’s net income attributable to common shareholders registered 49% decline over the previous year to $156 million in the first quarter of fiscal year 2024. The adjusted EBITDA of $421 million was significantly down by 25% year-on-year. Meantime, the adjusted free cash flow was an outflow of $349 million during the quarter, the company press release said.

The lower average aluminum prices led to 20% decline in net sales year-on-year to $4.1 billion. The total flat rolled product shipments recorded 9% decline over the prior year quarter. The beverage can shipments dipped. Also, weak economic conditions impacted major aluminum consuming markets such as building & construction, which also contributed to the dip in sales.

Steve Fisher, President and CEO, Novelis Inc. noted that the company delivered higher than expected quarterly Adjusted EBITDA and Adjusted EBITDA per tonne as a result of its diverse product portfolio and lower input costs. Novelis, Inc. remains focused on strengthening and expanding its capabilities to support the growing demand for sustainable aluminum sheet, he added.