Novelis Reports First Quarter of Fiscal Year 2016 Results

Novelis today reported a net loss of $60 million for first quarter of fiscal year 2016. Excluding certain tax-effected items, the company reported net income of $24 million in the first quarter of fiscal 2016 compared to $28 million in the first quarter of fiscal 2015.

Excluding the impact of non-operational metal price lag in both periods, Adjusted EBITDA was $212 million in the first quarter of fiscal 2016, down 9 percent compared to $233 million in the prior year. The decrease was primarily driven by higher costs associated with the start-up and support of new automotive finishing and recycling capacity, partially offset by favorable product mix due to a strategic shift to grow automotive shipments.

“We remain focused on the fundamentals of our manufacturing operations – growing our premium portfolio, managing costs and working capital, and driving operational excellence,” said Steve Fisher, President and Chief Executive Officer for Novelis.


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