OSLO (dpa-AFX) - Norwegian energy and aluminum company Norsk Hydro ASA (NHY, NHYDY.PK, NHYDY.PK) reported Tuesday that first-quarter net income from continuing operations amounted to 1.88 billion Norwegian kroner, compared to last year's loss of 1.73 billion kroner.
Earnings per share from continuing operations were 0.89 krone, compared to loss of 0.75 krone a year ago.
Adjusted net income from continuing operations was 2.45 billion kroner, compared to last year's 834 million kroner. Adjusted earnings per share were 1.15 kroner, compared to 0.39 krone a year earlier.
EBIT was 2.233 billion kroner, same as last year's 2.228 billion kroner. Adjusted EBIT surged 84 percent from last year to 3.56 billion kroner.
EBITDA dropped 1 percent to 4.08 billion kroner, while adjusted EBITDA grew 37 percent to 5.18 billion kroner. The company noted that strong global economic recovery boosted demand for renewable energy, aluminium and aluminium products.
Revenue edged up 1 percent to 31.95 billion kroner from prior year's 31.61 billion kroner.
Bauxite production grew 9 percent, and Alumina production increased 1 percent. Realized alumina price grew 6 percent.
The company noted that the first quarter saw a strong global recovery driven by the re-opening of economies and substantial fiscal stimulus. As a result, Hydro saw a decreasing oversupply in the primary aluminium market, and analysts now expect a largely balanced market for 2021.
Following the sale of the Rolling business, the revised 2025 improvement target is now 7.4 billion kroner. Of this, 5.1 billion kroner is targeted by end of 2021 compared to the baseline of 2018.
Based on progress in the first quarter, the improvement program is expected to exceed the year-end target.
Copyright RTT News/dpa-AFX