Norsk Hydro Reports Middling Q1 Results as Profits Were Lower Than We Expected; NOK 32 FVE Unchanged
Norsk Hydro's first-quarter profits fell shy of our expectations even though aluminum prices rose materially since the end of 2016. Accordingly, we lowered our 2017 earnings forecast to NOK 2.85 per share from NOK 3.01. This puts us on the low end of consensus, given our forecast that aluminum spot prices and, in turn, Hydro's profitability, will decline in the second half of the year. We expect the company to deliver NOK 13.7 billion of adjusted EBITDA on sales of NOK 92.1 billion. We maintain ...Norsk Hydro is an aluminium group based in Norway. Co. is engaged in the supply of aluminium and aluminium products. Co. supplies casthouse products, such as extrusion ingots, sheet ingots and foundry alloys. Co's customers are active in sectors such as the packaging, lithographic, building, automotive and transport sectors. In addition, Co. is engaged in the production of power in Norway. Its business is divided into six operating segments: Bauxite & Alumina, Primary Metal, Metal Markets, Rolled Products, and Energy and Other and Eliminations.
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