Aluminium producer Norsk Hydro's core profit beats forecasts in Q1
Norsk Hydro Q1 2024 Financial Performance Overview
Quarterly Core Profit Exceeds Expectations
April 29 (Reuters) - Norwegian aluminium producer Norsk Hydro reported a bigger-than-expected quarterly core profit on Wednesday, as higher metal prices and volumes offset weaker alumina prices, a stronger crown and lower power output.
Adjusted Earnings and Analyst Forecasts
Adjusted earnings before interest, taxes, depreciation and amortisation fell to 8.67 billion Norwegian crowns ($930.1 million) in the January-March quarter, from 9.52 billion crowns a year ago.
However, analysts on average had expected it to report a core profit of 7.13 billion crowns, a company-compiled consensus poll showed.
Market Dynamics and External Influences
The Iran war is exposing how reliant Western aluminium buyers remain on Gulf supply, as disrupted exports and rising premiums tighten an already strained market with limited replacement metal.
Additional Information
($1 = 9.3219 Norwegian crowns)
(Reporting by Jesus Calero and Alexander Klyve Gudbrandsen, editing by Milla Nissi-Prussak)
