Norsk’s Q1 results were largely in line with consensus estimates (but materially behind AV’s estimates) – with only net income materially exceeding the Street’s expectations. Weakening market fundamentals (aluminium and alumina prices were down 21% yoy and 27%, respectively, while realised premium plunged 53%) took a toll on Norsk’s operating performance. Sales came in at NOK20.1bn (-14% yoy) as some of the pricing impact was partly offset by the 14% weaker NOK v
28 Apr 2016
Despite weakening operating profits, the bottom-line sprung a surprise
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Despite weakening operating profits, the bottom-line sprung a surprise
Norsk’s Q1 results were largely in line with consensus estimates (but materially behind AV’s estimates) – with only net income materially exceeding the Street’s expectations. Weakening market fundamentals (aluminium and alumina prices were down 21% yoy and 27%, respectively, while realised premium plunged 53%) took a toll on Norsk’s operating performance. Sales came in at NOK20.1bn (-14% yoy) as some of the pricing impact was partly offset by the 14% weaker NOK v