Novelis Inc. reported net income attributable to its common shareholder of $262 million in the third quarter of fiscal year 2022, compared to $176 million in the prior year period.
Net income from continuing operations increased to $259 million compared to $195 million in the prior year period. Excluding special items in both years, third quarter fiscal year 2022 net income from continuing operations increased 15 percent to $241 million.
Net sales increased 33 percent to $4.3 billion for the third quarter of fiscal year 2022, compared to $3.2 billion in the prior year period, primarily driven by higher average aluminum prices. Total flat rolled product shipments were 930 kilotonnes in the third quarter of fiscal year 2022, in line with the prior year period shipments of 933 kilotonnes. Shipment growth was constrained by the continued semiconductor chip shortage impacting the automotive industry.
Adjusted EBITDA increased 1 percent to $506 million in the third quarter of fiscal year 2022, compared to $501 million in the prior year period, which included a $25 million customer contractual obligation benefit. Adjusted EBITDA per ton shipped increased to $544 in the third quarter of fiscal year 2022, compared to $537 in the prior year period.
Published in the March 2022 Edition