Novelis reports fourth quarter and full fiscal year 2021 results
Novelis, manufacturer of aluminium canstock, has reported net income in the fourth quarter of the fiscal year 2021 attributable to its common shareholder of $176 million, net income from continuing operations of $180 million, up 179% and 186%, respectively, versus the prior year.
Net income attributable to its common shareholder was $236 million for the full fiscal year 2021, and net income from continuing operations was $458 million, down 44% and up 9%, respectively, versus the prior year.
Excluding special items in both years, fourth quarter fiscal 2021 net income from continuing operations was $172 million, up 12% versus the prior year driven mainly by higher after-tax Adjusted EBITDA partially offset by higher depreciation and amortization associated with the acquired Aleris business. For the full fiscal year, net income excluding special items decreased 5% versus the prior year to $561 million affected by pandemic-related impacts on first quarter profitability.
Steve Fisher, president and CEO, Novelis Inc, said: “Guided by our purpose and driven by the resilience of our people and the strength of our partnerships, we safely navigated this extraordinary year to achieve outstanding results,
“With the ongoing successful integration of Aleris, a diverse and innovative product portfolio, and unmatched geographic footprint, we have proven our ability to deliver sustainable aluminum solutions to customers in a way that resulted in record financial performance. Looking forward we will continue to pursue growth opportunities through organic investment, while working towards creating a more sustainable and circular future for our business, industry, and society.”
For further information on the results, visit: investors.novelis.com/2021-05-12-Novelis-Reports-Fourth-Quarter-and-Full-Fiscal-Year-2021-Results.
