The net sales surged higher significantly by 32% to $5.1 billion during the quarter, compared to $3.9 billion in the prior year period.
SEATTLE (Scrap Monster): Novelis Inc.- the global leader in aluminum rolling and recycling reported results for the first quarter of fiscal year 2023.
The net income attributable to its common shareholder increased 28% versus the prior year to a record $307 million, whereas the net income from continuing operations increased 1% to $307 million. The net income from continuing operations excluding special items was $307 million, up 18% over the prior year quarter. The company reported record adjusted EBITDA of $561 million. The adjusted EBITDA per ton stood at $583.
The net sales surged higher significantly by 32% to $5.1 billion during the quarter, compared to $3.9 billion in the prior year period. The sales were primarily driven by higher average aluminum prices and local market premiums. The flat rolled product shipments totalled 973 kilotonnes, down marginally by 1%, primarily due to supply chain constraints.
Novelis reported a strong total liquidity position of $2.4 billion as of June 30, 2022. Reportedly, the company has more than $4.5 billion of investment opportunities in its horizon.
Steve Fisher, President and CEO, Novelis Inc. noted that the company delivered record financial performance in the first quarter, following its record performance last fiscal year. The company will continue to lead the aluminum industry in fostering a circular economy and driving long-term value for our stakeholders, he added.
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