Novelis, Inc. Delivered Robust Operational and Financial Results

SEATTLE (Scrap Monster): Novelis, Inc.- the Atlanta-based producer of rolled aluminium reported results for third quarter of fiscal 2020. The company delivered strong financial results during the quarter, mainly driven by ongoing strategic initiatives and investments.

Novelis, Inc. reported net income attributable to its common shareholder of $107 million. This is up by 37% when compared to $78 million during the prior year period. The net income excluding special items surged higher by 31% from $101 million to $132 million. The adjusted EBITDA increased by 7% to $343 million in Q3 fiscal 2020, as compared with $322 million in the year-ago quarter.

The net sales recorded 10% decline from the prior year quarter to $2.7 billion, primarily on account of lower average LME aluminium prices and local market premiums. Novelis shipped 797 kilotonnes of flat rolled products during the quarter.

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Commenting on Aleris acquisition, the company noted that it remains fully committed to completing the transaction at the earliest, by working with all relevant parties.

Steve Fisher, President and CEO, Novelis Inc. stated that the company delivered another set of strong results, aided by robust operational and financial performance. The company has made significant progress in organic expansion projects in the U.S., China and Brazil. The commercial shipments from Guthrie, Kentucky finishing plant is expected to commence in the coming months, he added.