AMG Advanced Metallurgical Group NV has reported EBITDA for Q1 2016 of US$21.2 million, a 4% increase from US$20.4 million in Q1 2015. Revenue was US$237,399, down from US$256,991 in the previous year.
‘AMG earnings for the first quarter were strong despite continued year-over-year weakness in metal prices,’ said Dr Heinz Schimmelbusch, chairman of the management board and CEO. ‘AMG did experience a modest improvement in select metal prices compared to the fourth quarter 2015. AMG's focus on operational excellence and price risk management has resulted in solid financial results under difficult market conditions.’
AMG Engineering achieved EBITDA of US$4.6 million during Q1 2016, a 49% increase from US$3.1 million in Q1 2015. Revenue increased US$6.1 million, or 11%, to US$60.8 million. The engineering division continues to experience strong demand in the areas of plasma remelting furnaces for the aerospace market and induction furnaces for powder metallurgy applications, the company says. First quarter 2016 order intake and advanced payments were adversely impacted by the postponement of several orders into the second quarter of 2016.
AMG Critical Materials generated EBITDA of US$16.5 million during the first quarter 2016, a 4% decrease compared to the first quarter of 2015. Year-over-year double-digit declines in average quarterly prices for all key products resulted in a 13% reduction in revenues in the first quarter 2016 compared to the first quarter 2015.
This story is reprinted from material from AMG, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.
