May 11, 2016
 
Novelis Sees Loss Despite Increase in Auto Sheet

Novelis reported a net loss of $38 million for its 2016 fiscal year ended March 31, compared with earnings of $148 million for the prior year. Net income in the final quarter totaled $29 million, identical to the same quarter in 2015, but up from the $8 million in the previous quarter.

Full-year net sales for the aluminum rolling mill totaled $9.87 billion, an 11.4 percent decline from fiscal year 2015. Fiscal fourth-quarter net income of $2.4 billion was down 13.9 percent, but up 2.0 percent from the third quarter.

"We ended fiscal 2016 with strong operational performance globally, enabling us to achieve record total shipments and automotive sheet shipments for the year," said Steve Fisher, president and CEO for Novelis. "This volume growth and our portfolio management strategy translated into our highest full-year EBITDA, excluding metal price lag, since fiscal 2012."

Higher shipments of beverage can and automotive sheet drove total flat-rolled aluminum product shipments up 2 percent to 3,123 kilotonnes in fiscal 2016. For the year, the percentage of the company's shipment portfolio stemming from automotive sheet grew to 15 percent, up from 11 percent in the prior year. By the end of fiscal 2016, all five of the company's recently constructed automotive finishing lines were producing and shipping automotive sheet products to customers. When all of these automotive finishing lines are fully utilized, automotive shipments will grow to approximately 25 percent of total shipments, the company said.

In the fourth quarter, shipments of rolled aluminum products grew 4 percent to 788 kilotonnes. Despite higher shipments, revenues decreased 14 percent because of lower average aluminum prices and local market premiums.


September 2017: Numbers Don’t Add Up for Service Centers
More...
 
Pause
September 2017: Lichtenstein: Five Steel Truths that Demand Attention
More...
Fall 2016: Cutting & Sawing Equipment
More...
Summer 2017
More...
 
Pause
Advanced Controls on Braner Slitters
More...
AHVS Precision Leveler Features Flip-Top Design
More...
Formtek’s Tishken Slitter Increases Production Volume
More...
Red Bud System Handles High-Strength Steels
More...
Bradbury Launches Flat Trak CL Monitoring System
More...
Artus Knives Custom Designed
More...
 
Pause
Privacy Statement  |  Terms Of Use
Copyright by Metal Center News



Monday, October 23, 2017