Novelis' Net Income Surged 82% in Q3 Fiscal 2021

SEATTLE (Scrap Monster): Atlanta-headquartered Novelis Inc.- the world’s leading aluminum rolling and recycling company announced record performance during the third quarter of fiscal 2021.

The company reported net income attributable to its common shareholder of $176 million during the quarter. The net income from continuing operations of $195 million was up by 82% year-on-year. Excluding special items, the third quarter fiscal 2021 net income touched record high $209 million. The adjusted EBITDA of $501 million was up by 46% over the previous year. Also, the adjusted EBITDA per ton of $537 surged higher by 25% year-on-year.

The net sales recorded 19% jump to $3.2 billion, mainly driven by rise in total shipments and higher aluminum prices. The addition of Aleris business and robust demand across product end markets boosted the total flat rolled product shipments to 933 kilotonnes.

The year-to-date fiscal 2021 free cash flow from continuing operations totalled $331 million. It maintained strong total liquidity position of $2.4 billion as of December 31, 2020.

Steve Fisher, President and CEO, Novelis Inc. noted that the record financial performance during the third quarter was mainly on the basis of ongoing demand for innovative, sustainable aluminum solutions and outstanding operational performance across its expanded business.

YOU MAY ALSO BE INTERESTED IN:

Novelis' Innovation Capabilities Win Top Industry Accolades

Novelis Posted Record Results in Q2 Fiscal 2021