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AMG Advanced Metallurgical Group N.V. Reports First Quarter 2019 Results

Nachrichtenquelle: GlobeNewswire
01.05.2019, 07:00  |  380   |   |   

Key Highlights

  • Revenue increased by 12% to $346.5 million in the first quarter 2019 from $308.4 million in the first quarter 2018
  • EBITDA(2) was $50.4 million in the first quarter 2019, a 13% increase over the same period in 2018
  • Annualized return on capital employed continued at a high level of 28.3% in the first quarter 2019, as compared to 28.4% in the first quarter 2018
  • AMG ended the first quarter of 2019 with net debt of $14.6 million, an increase of $15.0 million versus prior year-end 2018
  • Amsterdam, 1 May 2019 (Regulated Information) --- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported first quarter 2019 revenue of $346.5 million, a 12% increase from $308.4 million in the first quarter 2018. EBITDA for the first quarter 2019 was $50.4 million, a 13% increase from $44.5 million in the first quarter 2018. EBIT increased 11% to $40.4 million in the first quarter 2019 from $36.3 million in the first quarter 2018.

    Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "AMG achieved a 13% increase in EBITDA during the quarter compared to prior year, mainly driven by AMG Technologies due to increased profitability associated with our turbine blade coating furnaces and higher after-market sales compared to the first quarter of last year."

    "AMG Critical Materials generated EBITDA of $31.2 million during the first quarter of 2019, a slight increase of 1% from $30.8 million in the first quarter of 2018, due to strong financial performance in vanadium, chrome and antimony, which was partially offset by lower gross profit in tantalum, graphite, silicon and additional ramp-up costs associated with lithium in Brazil."

    "AMG Technologies achieved EBITDA of $19.3 million during the first quarter of 2019, a 40% increase from $13.7 million in the first quarter 2018. Order backlog was $224.1 million as of March 31, 2019."

    "In addition, despite ongoing working capital investments and capital expenditures related to the expansion projects, AMG maintained a low level of net debt due to strong profitability in the quarter. AMG continued to generate a high return on capital employed of 28.3% in the first quarter 2019."

    Key Figures

    In 000's US dollar      
      Q1 '19 (3) Q1 '18 Change
    Revenue $346,523 $308,448 12%
    Gross profit 67,120 70,118 (4%)
    Gross margin 19.4% 22.7%  
           
    Operating profit 29,796 34,579 (14%)
    Operating margin 8.6% 11.2%  
           
    Net income attributable to shareholders 14,827 18,389 (19%)
           
    EPS - Fully diluted 0.47 0.58 (19%)
           
    EBIT (1) 40,388 36,256 11%
    EBITDA (2)  50,423 44,480 13%
    EBITDA margin 14.6% 14.4%  
           
    Cash from operating activities 6,935 24,808 (72%)

    Note: 

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