01 NOVEMBER 2013The Wall Street Journal
Noranda reports third quarter 2013 results
Edited by : AL CIRCLE
2 min read
Noranda Aluminum Holding Corporation today reported results for third quarter 2013.
"We are proud to report another quarter of solid financial results and reliable operational performance," said Layle K. "Kip" Smith, Noranda's President and Chief Executive Officer. "We continue to see stable overall demand for our key aluminum products and to realize the positive impact of our actions to drive profitability and free cash flow in today's environment. During the third quarter we generated over $6 million in net cash, despite seasonal peak power premiums and further declines in aluminum prices, and continue to believe in the industry's long-term fundamentals."
"Having surpassed our previous $140 million CORE productivity target during second quarter 2013, we are pleased to announce a new CORE productivity program that targets $225 million of savings from 2014 to 2016. The program includes both a portfolio of traditional small and medium sized projects as well as certain more transformational initiatives that will collectively enhance our profitability and cash flow and create significant shareholder value. We are excited about the opportunities this program creates for Noranda and remain committed through the cycle to making accretive investments in our integrated platform, maintaining a strong balance sheet and prudently returning capital to shareholders."
Excluding special items, Noranda's third quarter 2013 results were a net loss of $20.3 million ($0.30 loss per diluted share), compared to a net loss of $10.6 million ($0.16 loss per diluted share) in second quarter 2013 and a net loss of $10.8 million ($0.16 per diluted share) in third quarter 2012 . Reported third quarter 2013 results were a net loss of $18.2 million ($0.27 loss per diluted share), compared to a second quarter 2013 net loss of $12.3 million ($0.18 loss per diluted share) and third quarter 2012 net income of $3.8 million ($0.05 per diluted share).
Sales for third quarter 2013 were $339.9 million, compared to $352.0 million in second quarter 2013 and $336.8 million in third quarter 2012.
"We are proud to report another quarter of solid financial results and reliable operational performance," said Layle K. "Kip" Smith, Noranda's President and Chief Executive Officer. "We continue to see stable overall demand for our key aluminum products and to realize the positive impact of our actions to drive profitability and free cash flow in today's environment. During the third quarter we generated over $6 million in net cash, despite seasonal peak power premiums and further declines in aluminum prices, and continue to believe in the industry's long-term fundamentals."
"Having surpassed our previous $140 million CORE productivity target during second quarter 2013, we are pleased to announce a new CORE productivity program that targets $225 million of savings from 2014 to 2016. The program includes both a portfolio of traditional small and medium sized projects as well as certain more transformational initiatives that will collectively enhance our profitability and cash flow and create significant shareholder value. We are excited about the opportunities this program creates for Noranda and remain committed through the cycle to making accretive investments in our integrated platform, maintaining a strong balance sheet and prudently returning capital to shareholders."
Excluding special items, Noranda's third quarter 2013 results were a net loss of $20.3 million ($0.30 loss per diluted share), compared to a net loss of $10.6 million ($0.16 loss per diluted share) in second quarter 2013 and a net loss of $10.8 million ($0.16 per diluted share) in third quarter 2012 . Reported third quarter 2013 results were a net loss of $18.2 million ($0.27 loss per diluted share), compared to a second quarter 2013 net loss of $12.3 million ($0.18 loss per diluted share) and third quarter 2012 net income of $3.8 million ($0.05 per diluted share).
Sales for third quarter 2013 were $339.9 million, compared to $352.0 million in second quarter 2013 and $336.8 million in third quarter 2012.
Previous article
DUBAL to participate at ARABAL 2013
Next articleAlba supports invest in Bahrain Forum & Exhibition 2013
Grow with
AL Circle
