AMG Advanced Metallurgical Group reveals results for second quarter 2017
August 9, 2017
AMG Advanced Metallurgical Group N.V, Amsterdam, the Netherlands, has reported fiscal results for its second quarter 2017. According to the company’s report, it recorded a total revenue of $262 million for Q2 2017, up 6% from $248.3 million in the same period 2016.
EBITDA for the second quarter 2017 was $31.9 million, a 22% increase from $26.0 million in the second quarter 2016. Net income attributable to shareholders slightly decreased to $13.1 million in the second quarter 2017 from $13.4 million in the second quarter 2016.
Dr Heinz Schimmelbusch, Chairman of AMG’s Management Board and CEO, commented, “We are very pleased that AMG’s strong cash flow generation for the first six months of 2017 enabled the company to end the quarter with net debt in line with the prior year end, despite substantial capital investments in the first half of 2017 in AMG’s lithium project in Brazil, and titanium aluminide expansion in Germany.”
AMG Engineering designs, engineers, and produces advanced vacuum furnace systems and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.
The segment reportedly signed $76.9 million in new orders during the second quarter 2017. According to AMG, the Engineering segment continues to experience strong demand for turbine blade coating, Powder Metallurgy and plasma remelting furnaces for the aerospace market and heat treatment furnaces for the automotive market.
“The strong results in AMG Engineering reflect our efforts to diversify our product offerings in recent years, including the introduction of powder metallurgy and SyncroTherm in-line heat treatment furnaces,” stated Schimmelbusch.
AMG Critical Materials
AMG Critical Materials produces aluminium master alloys and powders, titanium alloys and coatings, ferrovanadium, natural graphite, chromium metal, antimony, tantalum, niobium and silicon metal.
The segment reportedly generated EBITDA of $23.9 million during the second quarter 2017, thanks to strong financial performance in vanadium and titanium alloys, and the recognition of $3 million in business interruption insurance following a fire at the company’s Mibra mine in Brazil.
In Q2 2017, AMG generated cash from operating activities of $10.6 million, a decrease of $13.7 million over the same period in 2016. On a year to date basis, AMG generated cash from operating activities of $28.5 million in 2017, an increase of $8.5 million compared to the same period in 2016.