Profit fell to 69.7 million euros, after 106.7 million euros in the same period last year. Earnings before interest, taxes, depreciation and amortization (EBITDA) were 166.0 million euros, after a record value of 217.4 million euros in the previous year. The Board of Directors was nevertheless satisfied that the earnings development was solid against the background of a recession.
Sales fell to 1.14 billion euros, compared to 1.35 billion euros in the previous year. Lower aluminum prices and the decline in sales of aluminum rolled products were noticeable here.
Demand from the aviation and automotive sectors remains positive, but there have been significant declines in industrial applications, sports and architectural products. Satisfactory earnings at the location in Canada helped to compensate for the losses.
“Satisfactory development”
“With an operating result well above the pre-crisis level from 2019, we can look back on a satisfactory earnings development overall. Nevertheless, the current recession does not spare AMAG either,” said CEO Gerald Mayer, according to the broadcast.
The operating result (EBIT) was 102.2 million euros, a third below the result for the same period of the previous year (Q1-Q3/2022: 151.6 million euros). The group achieved a significant increase in operating cash flow of 157.0 million euros, after 40.5 million euros in the previous year.
For the full year 2023, the board expects an EBITDA of between 175 million and 195 million euros. However, the market environment is still characterized by geopolitical conflicts and interest and inflation developments and can therefore change quickly.
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Source: Nachrichten
