Markets

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."

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Latest Markets Videos

    RTTNews

    Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

    Learn More