Q3 Fiscal Year 2024 Highlights
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Net income attributable to our common shareholder of $121 million, up significantly compared to $12 million in the prior year period; Net income excluding special items was $174 million, up 81% YoY
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Adjusted EBITDA of $454 million, up 33% YoY
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Rolled product shipments of 910 kilotonnes, flat YoY
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Adjusted EBITDA per tonne shipped of $499, up 33% YoY
Novelis Inc., a leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling, today reported results for the third quarter of fiscal year 2024.
“Novelis delivered a substantial year-over-year improvement in Adjusted EBITDA and Adjusted EBITDA per tonne margin, in line with our expectations of continued margin recovery this fiscal year,” said Steve Fisher, president and CEO, Novelis Inc. “Our unmatched global scale, diversified end market product portfolio and recycling leadership is evident in our strong third quarter results and makes us an essential partner of choice for our customers. These differentiators also allow us to execute our ongoing strategy to invest in growth and organically increase our rolling and recycling capacity to shape a more sustainable future.”
Net sales decreased 6% versus the prior year period to $3.9 billion for the third quarter of fiscal year 2024, driven by lower average aluminum prices as shipments were in line with prior year levels. Total flat rolled product shipments were 910 kilotonnes in the third quarter of fiscal year 2024 compared to 908 kilotonnes in the prior year period. Shipments were flat due to a decline in specialties product shipments from muted economic conditions in some markets, though more than offset by continued growth in automotive shipments and a return in demand for beverage packaging sheet.
Net income attributable to our common shareholder significantly improved versus the prior year to $121 million in the third quarter of fiscal year 2024, due primarily to…
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