Leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling giant Novelis has reported that net income increased by 28% versus the prior year to a record USD 307 million in April-June 2022 quarter, while net income from continuing operations increased 1% to USD 307 million. Excluding special items in both years, first quarter fiscal year 2023 net income from continuing operations increased 18% versus the prior year to USD 307 million due primarily to higher underlying Adjusted EBITDA, unrealized derivative gains and a lower tax provision in the current year, partially offset by a tax litigation gain benefiting prior year net income.Net sales increased 32% to USD 5.1 billion for the first quarter of fiscal year 2023, compared to USD 3.9 billion in the prior year period, primarily driven by higher average aluminum prices and local market premiums. Total flat rolled product shipments were 962 kilotonnes, 1% lower than prior year shipments of 973 kilotonnes, due mainly to supply chain constraints.Adjusted EBITDA increased 1% to a record USD 561 million in the first quarter of fiscal year 2023, compared to USD 555 million in the prior year period which included a USD 47 million gain related to a favorable decision in a Brazilian tax litigation. The underlying increase in Adjusted EBITDA is primarily due to higher product pricing, including some higher cost pass-through to customers, favorable product mix on improved automotive and aerospace shipments, and lower metal costs due to improved recycling performance, partially offset by high cost inflation and unfavorable foreign exchange translation.
Leading sustainable aluminum solutions provider and the world leader in aluminum rolling and recycling giant Novelis has reported that net income increased by 28% versus the prior year to a record USD 307 million in April-June 2022 quarter, while net income from continuing operations increased 1% to USD 307 million. Excluding special items in both years, first quarter fiscal year 2023 net income from continuing operations increased 18% versus the prior year to USD 307 million due primarily to higher underlying Adjusted EBITDA, unrealized derivative gains and a lower tax provision in the current year, partially offset by a tax litigation gain benefiting prior year net income.Net sales increased 32% to USD 5.1 billion for the first quarter of fiscal year 2023, compared to USD 3.9 billion in the prior year period, primarily driven by higher average aluminum prices and local market premiums. Total flat rolled product shipments were 962 kilotonnes, 1% lower than prior year shipments of 973 kilotonnes, due mainly to supply chain constraints.Adjusted EBITDA increased 1% to a record USD 561 million in the first quarter of fiscal year 2023, compared to USD 555 million in the prior year period which included a USD 47 million gain related to a favorable decision in a Brazilian tax litigation. The underlying increase in Adjusted EBITDA is primarily due to higher product pricing, including some higher cost pass-through to customers, favorable product mix on improved automotive and aerospace shipments, and lower metal costs due to improved recycling performance, partially offset by high cost inflation and unfavorable foreign exchange translation.
