Hydro Q3 Net Loss Narrows, Underlying EBIT Up; But Production, Price Down - Quick Facts
(RTTNews) - Norwegian aluminium and renewable energy company Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) reported Friday that its third-quarter net loss was 221 million Norwegian kroner, narrower than last year's loss of 1.39 billion kroner.
Loss per share were 0.11 krone, compared to loss of 0.62 krone a year ago.
Underlying net income was 550 million kroner or 0.26 krone per share, compared to prior year's 606 million kroner or 0.33 krone per share.
Earnings before financial items and tax or EBIT was 1.82 billion kroner, significantly higher than last year's 222 million kroner. Hydro's underlying EBIT increased 3 percent to 1.41 billion kroner, but underlying EBITDA dropped 3 percent to 3.39 billion kroner.
Revenue declined 12 percent to 33.17 billion kroner from last year's 37.52 billion kroner.
Bauxite production declined 46 percent and Alumina production fell 19 percent. Realized alumina price also declined 16 percent.
Looking ahead, the company said, "Hydro's improvement efforts are moving forward with full speed, focusing on the cost levers we can control in these uncertain times. The target NOK 4.1 billion by 2020 is behind plan due to the pipeline maintenance. However, the overall 2023 goal of NOK 7.3 billion in improvements remains."
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