Aperam announced Friday results for the three-month period ended September 30, 2015, announcing an EBITDA of $108 million in Q3 2015, compared to EBITDA of $155 million in Q2 2015.
The company said that basic earnings per share of $0.40 in Q3 2015 and $1.79 for year to date September 2015 compared to $0.97 for year to date September 2014. Cash flow from operations amounted to $65 million in Q3 2015, compared to $78 million in Q2 2015. Net debt was $419 million as of September 30, 2015, representing a gearing of 19% compared to a net debt of $454 million as of June 30, 2015, Aperam said.
Looking forward, Aperam said that EBITDA in Q4 2015 is expected to be comparable to EBITDA in Q3 2015, while net debt is expected to decrease in Q4 2015.
Aperam said that it is restating a base dividend of $1.25/share (subject to AGM approval), which is anticipated to progressively increase over time, as the company continues to improve its sustainable profitability benefiting from its strategic actions.
Commenting on the results, Timoteo Di Maulo, CEO of Aperam, said, “As expected, the third quarter was marked by seasonality and decline in nickel price. However, Aperam was able to offset most of these impacts thanks to the agility and the resilience of its business model.”
According to Di Maulo, “For the fourth quarter, we remain cautious given the current economic environment but we are confident we will continue to deliver on the Leadership Journey®5 and the Top Line strategy.”
“Looking ahead, we see stainless steel fundamentals improving in our markets and we are confident in the ability of Aperam to generate sustainable cash returns. Therefore, we are happy to reinstate dividend,” Di Maulo.