Novelis Announced Robust Surge in Q4 Financial Metrics

SEATTLE (Scrap Monster): Novelis Inc. reported results for the fourth quarter and full fiscal year 2024.

During the fourth quarter, the net income from continuing operations surged higher by 6% year-on-year to $166 million. The net income excluding special items was up by 2% at $179 million. The adjusted EBITDA of $514 million during the quarter rose significantly by 28% over the previous year. The rolled product shipments totalled 951 kilotonnes, marginally higher by 2% over the corresponding quarter a year before.

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The net income from continuing operations totalled $600 million, down 9% over the previous year. The net income excluding special items recorded sharp decline by 12% year-on-year to $688 million. The adjusted EBITDA surged higher by 3% to $1.9 billion. Novelis’ rolled product shipments registered decline by 3% to 3,673 kilotonnes. The company boosted recycled content in its products from 61% in fiscal 2023 to 63% in fiscal 2024.

The Q4 net sales declined 7% to $4.1 billion for the fourth quarter of fiscal year 2024. The full year fiscal 2024 net sales recorded 12% to $16.2 billion, primarily due to lower average aluminum prices.

Commenting on the results, Steve Fisher, president and CEO, Novelis Inc. noted that the strong improvement in its Q4 financial metrics was mainly driven by lower operating costs, improved market demand and higher benefit from recycling. The strong results demonstrate the strength and resiliency of its business model, he added.