Norsk Hydro Q2 Net Income Dips Despite Higher Aluminium Prices - Quick Facts

(RTTNews) - Norwegian aluminium producer Norsk Hydro AS (NHY, NHYDY.PK, NHYDY.PK) reported Tuesday that its second-quarter net income amounted to 1.562 billion Norwegian kroner, down 25 percent from 2.08 billion kroner last year. Earnings per share fell 24 percent to 0.73 krone.

Underlying net income was 2.21 billion kroner, compared to 1.13 billion kroner last year. Underlying earnings per share were 1.04 kroner, compared to 0.52 krone a year ago.

Hydro's earnings before financial items and tax or EBIT climbed 49 percent from last year to 2.95 billion kroner. Underlying EBIT increased 81 percent to 2.93 billion kroner.

The results mainly reflected higher aluminium prices and favourable currency developments.

EBITDA, a key earnings metric, grew 35 percent to 4.34 billion kroner, and underlying EBITDA grew 51 percent to 4.32 billion kroner.

Revenue for the second quarter climbed 21 percent to 24.59 billion kroner from last year's 20.39 billion kroner.

Hydro said it continued to make progress on its "Better" improvement program. While slightly behind plan, Hydro still expects to reach both the year-end target of 500 million kroner and the 2019 target of 2.9 billion kroner.