Norsk Hydro Q3 Profits Surged Amidst Market Challenges

SEATTLE (Scrap Monster): Norsk Hydro posted strong results in third quarter, amidst challenging markets.

The company’s net income from continuing operations amounted to NOK 6,676 million in the third quarter. The company’s net debt increased from NOK 1.7 billion to NOK 3.1 billion at the end of the quarter. Also, adjusted net debt increased from NOK 6.3 billion to NOK 7.8 billion. The adjusted EBITDA decreased from NOK 11,594 million in Q2 this year to NOK 9,721 million in the third quarter 2022. However, it stood significantly higher when matched with NOK 7,219 million for the corresponding quarter a year before.

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Looking forward, the growth forecasts for 2022 and 2023 are likely to be impacted by several factors including ongoing war in Ukraine, escalating energy prices, rising inflation and increasing interest rates.

Norsk Hydro delivered notable progress on greenfield recycling projects during Q3 this year. It announced expansion of recycling capabilities at its Cressona plant in Pennsylvania and initiation of construction of the new aluminium recycling plant in Szekesfehervar, Hungary.

Commenting on the results, Hilde Merete Aasheim, President and CEO noted that the company continued to deliver good progress on its strategic agenda. The long-term stable access to raw materials and energy will help the company go through predicted volatile economic environment ahead.