Aleris: half-year financial figures improvedVolker Karow
Aleris has reported its second quarter and half-year results. Key financial highlights for the first six months of the year include:
Revenues of USD1.8 billion compared to USD1,7 billion for the prior year period. The increase was attributable to increased volumes and an improved mix of products sold, primarily related to an increase in aerospace and automotive volumes, as well as improved rolling margins. These increases were partially offset by lower average aluminium prices and the unfavourable impact of exchange rates on the translation of revenues.
Net loss of USD9 million compared to a net loss of USD42 million in the prior year period.
Adjusted Ebitda increased to USD193 million from USD139 million in the prior year period. Increased volumes and an improved mix of products sold, improved rolling margins and a favourable metal environment in North America were partially offset by inflation and the absorption of start-up costs into adjusted Ebitda.
„We are pleased with our strong performance in the first half of the year, delivering record adjusted Ebitda driven primarily by strong aerospace volumes and an overall shift toward higher value products in a favourable metal environment,” says Aleris chairman and CEO Sean Stack. „We expect that momentum to continue as we further realize the full potential of the strategic investments we've made in our automotive and aerospace capabilities and the added value they bring to our customers around the world.“
Regarding the potential acquisition of Aleris by Novelis Inc., the company still expects the merger to close in the fourth quarter of 2019, subject to customary regulatory approvals and closing conditions.