AMAG Austria Metall AG, the biggest company in the Austrian aluminium sector, announced its first quarter 2024 results, reporting an improvement in earnings compared to the fourth quarter of 2023. But compared to the same period last year, AMAG’s earnings in Q1 2024 saw a downtrend due to lower shipment volumes and aluminium prices.
{alcircleadd}The company reported its Q1 revenue at EUR 335.8 million, down by 17.05 per cent from EUR 404.8 million a year ago. EBITDA was EUR 42.4 million, up from the previous quarter but down by 30.26 per cent from EUR 60.8 million during the corresponding period of the previous year.
The company’s net income after taxes was EUR 13.3 million, also down by 50.37 per cent Y-o-Y from EUR 26.8 million tonnes. But amid the depleted Y-o-Y earnings, AMAG’s cash flow from operating activities remained essentially unchanged at EUR 35.6 million.
AMAG’s aluminium shipments in Q1 2024 were 104,200 tonnes, compared to 110,400 tonnes in Q1 2023.
AMAG’s metal division generated an EBITDA of EUR 17.2 million in Q1 2024, down by 6.52 per cent Y-o-Y from EUR 18.4 million, while its casting division and rolling division yielded EBITDA of EUR 2.2 million and EUR 22.5 million, down by 46.34 per cent from EUR 4.1 million and 43.8 per cent from EUR 40 million, respectively.
Outlook for 2024
According to AMAG, the order trend in Austria improved slightly in the first three months of 2024 after a despondent situation in the fourth quarter of the previous year because of economic upheaval, especially in Europe. The year 2024 is expected to experience an improvement, with GDP in Germany and Austria expected to grow modestly at +0.2 per cent and economic growth in the Eurozone to be slightly better at +0.7 per cent.
Dr. Helmut Kaufmann, CEO of AMAG, commented: "Overall, we can look back on a challenging first quarter of 2024. The order situation has improved somewhat, although some industries are showing restraint as expected. We will continue to utilise our broad positioning and high product diversity and respond flexibly to the maArket environment with our international customer structure."
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