AMAG Austria Metall AG Reports Mixed Quarterly Results Amid Challenging Market Conditions

AMAG Austria Metall AG has reported a downturn in its financial performance for the first quarter of 2024, impacted by a decline in aluminum prices and reduced shipment volumes. The company's quarterly results saw revenue drop to EUR 335.8 million from EUR 404.8 million in the same quarter of the previous year.

Despite challenging market conditions, particularly in Europe, the company achieved an EBITDA of EUR 42.4 million, a decrease from EUR 60.8 million in Q1 2023, albeit an improvement from the last quarter of 2023. The net income after taxes also fell to EUR 13.3 million, down from EUR 26.8 million during the same period last year.

The Metal Division and Rolling Division both experienced lower earnings, primarily due to subdued order intake in late 2023 and resultant reduced sales volumes in the early months of 2024. However, the company remains optimistic about a gradual recovery in the economic environment and anticipates improved sales in the latter half of 2024.

Looking forward, AMAG expects its full-year EBITDA for 2024 to be between EUR 150 million and EUR 180 million, contingent upon stable economic conditions. The company highlighted a slight improvement in orders during this quarter compared to the end of 2023, suggesting a potential stabilizing trend.