Novelis' Flat Rolled Products Shipments Dipped

SEATTLE (Scrap Monster): Novelis, Inc.- the global leader in aluminum rolling and recycling reported financial and operational results for third quarter fiscal 2022.

The company reported net income attributable to its common shareholder of $262 million during the quarter, compared with $176 million in the prior year quarter. The net income from continuing operations has increased from $195 million to $295 million. Excluding special items, net income from continuing operations increased 15% to $241 million in Q2 FY22.

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The adjusted EBITDA recorded marginal increase by 1% to $506 million. This compares with $501 million in the prior year period. The adjusted EBITDA per ton shipped was up from $537 to $544. The net sales increased by almost one-third to total $4.3 billion, compared with $3.2 billion a year before.

Novelis’ flat rolled products shipments totalled 930 kilotonnes in the third quarter of fiscal year 2022, falling slightly from 933 kilotonnes during the prior year period. The sombre automotive sector on account of ongoing chip shortage led to constrained flat products shipments, the press release noted.

Steve Fisher, President and Chief Executive Officer, Novelis Inc. noted that the strong third quarter results reflect the team’s ability to navigate multiple headwinds. The company looks forward to implement its strategic growth plan by continuing to manage these challenges, he added.