OSLO (dpa-AFX) - Norsk Hydro ASA (NHYDY.PK, NHYKF.PK), a Norwegian aluminium and renewable energy firm, reported Friday higher profit in its third quarter, while adjusted EBITDA, a key earnings metric, declined from last year, amid slightly higher revenues.
Eivind Kallevik, President and CEO of Hydro, said, 'Challenging markets are affecting our third quarter and we experience weaker results. Despite lower adjusted EBITDA, I am pleased to report solid cash generation while we continue to create results in our efficiency and improvement initiatives in order to improve robustness.'
Regarding its strategic workforce and cost reduction program launched earlier, the company said that from 2026, the program is expected to deliver annual net run-rate savings of 1 billion kroner, including lower travel and consultancy expenses.
In the third quarter, net income grew 53% to 2.15 billion Norwegian kroner from last year's 1.41 billion kroner. Earnings per share surged to 1.12 kroner from 0.40 krone a year ago.
The latest result mainly included a 206 million kroner unrealized derivative loss, mainly on LME related contracts.
Adjusted net income was 1.91 billion kroner or 1.02 kroner per share, compared to prior year's 3.51 billion kroner or 1.49 kroner per share.
Adjusted EBIT was 3.51 billion kroner, down 29 percent from 4.94 billion kroner a year ago.
Hydro's adjusted EBITDA for the third quarter fell 19% to 6 billion kroner from 7.37 billion kroner last year.
The adjusted results decreased from lower realized alumina prices and a stronger NOK, partly offset by higher primary and alumina volumes.
Revenue, however, edged up 1 percent to 50.55 billion kroner from 50.09 billion kroner last year.
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