Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, “AMG achieved a considerable improvement in profitability during the quarter, driven by improved pricing and higher sales volumes in AMG Critical Materials. In addition, continuing strong demand for our industry leading vacuum furnace solutions resulted in the highest quarterly order intake in 10 years and the highest order backlog in over 9 years.
AMG Critical Materials generated EBITDA of $37.1 million during the first quarter 2018, an increase of 44% from $25.7 million in the first quarter of 2017, thanks to strong financial performance in vanadium, silicon, titanium alloys, graphite, chrome and aluminum, driven by higher vanadium and silicon metal prices, and strong sales volumes.
Key Highlights
Revenue increased by 20% to $308.4 million in the first quarter 2018 from $258.0 million in the first quarter 2017
EBITDA(2) was $44.5 million in the first quarter 2018, a 35% increase over the same period in 2017
Net income attributable to shareholders increased by 18% to $18.4 million in the first quarter 2018 from $15.6 million in the first quarter 2017
Cash from operating activities was $24.8 million in the first quarter 2018, an increase of $7.0 million over the same period in 2017
Strong cashflows from operating activities caused net debt to decrease by $0.9 million in the first quarter of 2018, to $9.4 million, despite capital expenditures of $22.6 million during the period
Annualized return on capital employed increased to 28.4% in the first quarter 2018, as compared to 25.5% in the first quarter 2017
AMG
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