AMG Advanced Metallurgical Group N.V., headquartered in Amsterdam, The Netherlands, has reported a 4% increase in group earnings during the first quarter 2016. AMG stated that EBITDA (earnings before interest, taxes, depreciation and amortisation) totalled $21.2 million in Q1 2016, up from $20.4 million in Q1 2015. Net income attributable to shareholders increased to $12.0 million in the first quarter 2016 from $2.7 million in the Q1 2015.
AMG Engineering achieved EBITDA of $4.6 million during the first quarter 2016, a 49% increase from $3.1 million in Q1 2015. The Engineering division was reported to be continuing to experience strong demand in the areas of plasma re-melting furnaces for the aerospace market and induction furnaces for Powder Metallurgy applications.
AMG Critical Materials generated EBITDA of $16.5 million during the first quarter 2016, a 4% decrease compared to the first quarter of 2015. Year-over-year double-digit declines in average quarterly prices for all key products resulted in a 13% reduction in revenues in the first quarter 2016 compared to the first quarter 2015, the company stated.
“AMG earnings for the first quarter were strong despite continued year-over-year weakness in metal prices. AMG did experience a modest improvement in select metal prices compared to the fourth quarter 2015. AMG’s focus on operational excellence and price risk management has resulted in solid financial results under difficult market conditions,” stated Dr Heinz Schimmelbusch, Chairman of the Management Board and CEO.