Aleris reports Q3 2015 results- adjusted EBITDA up 24% Q-o-Q

Aleris Corporation reported results for the three and nine months ended September 30, 2015. Except as otherwise indicated, all amounts reflect the divested recycling and extrusions businesses as discontinued operations.

Third Quarter Summary:
• Adjusted EBITDA of $68 million, up 24 percent compared to third quarter of 2014
• Global automotive volumes up 29 percent compared to prior year
• Global aerospace volumes up 16 percent compared to prior year
• Solid productivity savings in North America led by Nichols integration and network optimization efforts
• Stronger U.S. dollar positively impacted Europe profitability
• Asia Pacific achieved positive Adjusted EBITDA
• Purchased $125 million in principal of Senior Notes; liquidity of $612 million as of September 30, 2015

Fourth Quarter Outlook:
• Year-over-year performance in line with prior year after excluding $4 million of one time benefits from the fourth quarter of 2014
• Global automotive and aerospace volumes expected to exceed prior year
• Aerospace margins expected to benefit from a stronger U.S. dollar
• European regional order patterns trending favourably
• Continued year-over-year improvement in North America rolling margins
• Inventory de-stocking across North America customer base and weaker scrap spreads expected
• Aleris Operating System expected to drive favourable productivity

"We delivered a solid quarter driven by increased volume in high-value aerospace and automotive product lines," Sean Stack, Aleris President and Chief Executive Officer, said. "Coupled with the success of a number of well-timed investments, including our aerospace plate mill in Zhenjiang, China, we continue to focus aggressively on optimizing operational performance across our global footprint, including the successful integration of the Nichols acquisition in North America."