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Aleris Aluminium GmbH

Company Name: Aleris Aluminium GmbH
Country: Germany
Adress: 25825 Science Park Drive Cleveland-OH
ZIP: 44122-7392
Aleris reports fourth quarter and full year 2018 results 2019-03-08 09:28:28

Mar. 8, 2019 - Aleris Corporation today reported results for the three months and year ended December 31, 2018.


Fourth Quarter Summary


1. Net loss of $23 million compared to net loss of $107 million in the fourth quarter of 2017

2. Record fourth quarter Adjusted EBITDA of $61 million compared to $37 million in 2017

3. Increasing commercial shipments from North America automotive assets

4. Continued strong demand and improved operating performance increased Europe automotive volumes

5. Global aerospace volumes increased as the effect of destocking has ended

6. Strong building and construction demand and favorable metal environment in North America

7. Liquidity of approximately $469 million as of December 31, 2018


Full Year Summary


1. Net loss of $92 million compared to net loss of $211 million in 2017

2. Record Adjusted EBITDA of $276 million compared to $201 million in 2017

3. Increased commercial shipments from North America automotive assets; began supplying primary automotive OEM customer under multi-year agreement

4. Higher automotive volumes in Europe from strong demand and improved operating performance

5. Second half aerospace volumes benefited from the end of destocking and multi-year contracts; record aerospace volumes in Asia Pacific

6. Strong building and construction demand and favorable metal environment in North America

7. Completed debt refinancing that substantially increased liquidity and extended maturity profile to 2023

8. Announced a definitive agreement for Aleris Corporation to be acquired by Novelis, Inc.


First Quarter Outlook


1. First quarter 2019 segment income and Adjusted EBITDA expected to be higher sequentially and higher than the first quarter of 2018

2. Commercial shipments from North America automotive assets are expected to continue to grow based on committed volumes

3. European automotive volumes expected to continue to benefit from healthy demand and productivity improvements

4. Global aerospace volumes expected to benefit from a return to growth and higher volumes from our new multi-year contracts

5. Favorable year-over-year metal spreads and rolling margins expected in North America

6. Continued inflationary cost pressure expected


"Our global growth strategy delivered strong results in 2018 with record volumes and record adjusted EBITDA," said Sean Stack, Chairman and CEO. "Our Lewisport, Kentucky automotive facility is delivering products to customers and, in the fourth quarter, began to produce commercial shipments from the second of our two auto finishing lines at that facility. Additionally, we have seen the aerospace industry return to growth in the second half of the year and have benefited from deliveries under our multi-year aerospace agreements. We expect these trends to continue into 2019, and expect to deliver year-over-year growth in adjusted EBITDA."