SEATTLE (Scrap Monster): Novelis Inc. reported results for fourth quarter and fiscal year 2022 results.
The company reported net income from continuing operations of $217 million during the fourth quarter., significantly higher by 21% over the previous year. The net income from continuing operations excluding special items was $189 million. Novelis posted record shipments of 987 kilotonnes during the quarter. Meantime, the adjusted EBITDA of $431 million was down by 15% year-on-year, mainly on account of short-term operational cost challenges.
For the full fiscal year 2022, the company reported record net income from continuing operations of $1.0 billion, significantly higher by 122% over the previous year. The shipments were up 7% at 3,858 kilotonnes. The net income attributable to its common shareholder increased more than four-fold, compared to the prior year to total $954 million, said the company press release.
Steve Fisher, President and Chief Executive Officer, Novelis, Inc. noted that the company achieved record full year results and surpassed notable financial milestones for Adjusted EBITDA and net income. The strong underlying market demand positions the company to embark on its next phase of strategic expansion, he added.