Worldal
Novelis Q2 profit nearly doubles on higher prices
Edited by : AL CIRCLE
1 min read
Novelis, the U.S. unit of India's largest aluminium producer HindalCo Industries Ltd , said its second-quarter profit nearly doubled on the back of higher average aluminum prices.
The Atlanta-based aluminum products maker, however, cut its adjusted EBITDA forecast for fiscal 2012 due to the economic uncertainty in the euro zone, unseasonably cool weather and lower-than-expected growth in the electronics business.
The company now expects adjusted earnings before interest, taxes, depreciation and amortization of $1.10-1.15 billion, lower than $1.15-$1.2 billion it forecast earlier.
EBITDA for the second quarter rose 3 percent to $301 million.
The net income jumped 94 percent to $120 million, while sales rose 14 percent to $2.9 billion.
Shipments of aluminum-rolled products dipped by 2 percent to total 720 kilotonnes.
The Atlanta-based aluminum products maker, however, cut its adjusted EBITDA forecast for fiscal 2012 due to the economic uncertainty in the euro zone, unseasonably cool weather and lower-than-expected growth in the electronics business.
The company now expects adjusted earnings before interest, taxes, depreciation and amortization of $1.10-1.15 billion, lower than $1.15-$1.2 billion it forecast earlier.
EBITDA for the second quarter rose 3 percent to $301 million.
The net income jumped 94 percent to $120 million, while sales rose 14 percent to $2.9 billion.
Shipments of aluminum-rolled products dipped by 2 percent to total 720 kilotonnes.
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