Norway’s Norsk Hydro ASA released results for the fourth quarter and the full year of 2016 yesterday. The firm credits higher numbers for the quarter to higher prices for aluminium and alumina.
Hydro’s revenue for the quarter was NOK21.250 million, up five percent quarter-on-quarter from the third quarter’s total of NOK20.174 million. Earnings before financial items and tax (EBIT) of NOK1.964 million, a 43% improvement quarter-on-quarter over Q3’s earnings of NOK1.376 million. EBITDA for the quarter totaled NOK3.563 million, 28% better than the third quarter’s total of NOK2.792 million. Hydro’s net income came in at NOK1.008 million, off by 10% quarter on quarter from the third quarter total of NOK1.119 million. Underlying net income was NOK968 million, up by one percent from the third quarter, when it totaled NOK958 million.
Revenue for the year totaled NOK81.953, down from last year’s total of NOK87.694 million. EBIT for 2016 was NOK7.011 million, down from 2015’s EBIT of NOK8.258 million. EBITDA for the year was NOK12.485 million, off from 2015’s total of NOK13.282 million. Net income for the year totaled NOK6.586 million, up significantly from 2015, when it was NOK2.333 million.
“Demand for aluminium remains firm and prices have increased, contributing to a solid quarter for Hydro,” said Hydro’s President and CEO, Svein Richard Brandtzæg. “I am particularly pleased to see more and more car producers choosing aluminium for light-weighting and climate purposes. I am eager to see our new Rolled Products automotive line in Germany ramping up this year to meet the rapidly growing automotive demand.”
“We have made better-than-expected progress in our Better improvement efforts, delivering 1.4 billion NOK in improvements in 2016. These efforts will continue with full force in 2017, making Hydro’s operations more robust across the value chain and the company well positioned for a better, bigger and greener future,” Brandtzæg went on.
“The Karmøy Technology Pilot, aiming to verify the world’s most energy and climate-efficient aluminium production, is well under way. We expect the first metal to be produced at the new plant during the fourth quarter 2017,” Brandtzæg concluded.