Record third quarter results for Novelis
Novelis has reported a net income of $176 million in the third quarter of fiscal year 2021, and net income from continuing operations of $195 million, up 64% and 82 %, respectively, versus the prior year.
Excluding tax-effected special items in both years, third quarter fiscal 2021 net income was a record high $209 million, up 58%, driven mainly by higher after-tax Adjusted EBITDA, partially offset by higher depreciation and amortization associated with the acquisition of Aleris.
Net sales increased 19% from the prior year period to $3.2 billion for the third quarter of fiscal 2021, primarily driven by a 17% increase in total shipments and higher average aluminium prices.
Total flat rolled product shipments increased to 933 kilotonnes, mainly reflecting the addition of the acquired Aleris business and strong demand across product end markets, particularly beverage cans.
“Novelis achieved record financial performance in the third quarter based on continued demand for innovative, sustainable aluminium solutions and outstanding operational performance across our expanded business,” said Steve Fisher, President and CEO, Novelis Inc.
“We are also making excellent progress on our strategic growth initiatives to drive long term value, by investing in new capacity and technology, entering new partnerships to solidify aluminium as the material of choice for our customers, and bringing new alloys to market that will drive the industry forward.”