Acerinox (OTC) ( (ANIOY) ) has realeased its Q3 earnings. Here is a breakdown of the information Acerinox (OTC) presented to its investors.
Acerinox (OTC) is a prominent global manufacturer of stainless steel and high-performance alloys, known for its extensive operations in the United States and Europe. The company’s latest earnings report highlights its resilience amidst challenging market conditions.
In the third quarter of 2024, Acerinox reported an EBITDA of EUR 114 million, reflecting a 9% decrease from the previous quarter. The company faced declining demand in its primary markets, but managed to maintain operations at its Acerinox Europa plant following a five-month strike. Additionally, the company’s net financial debt was reduced to EUR 453 million, showcasing a strategic financial adjustment.
Key financial metrics include a 21% increase in melting shop production from the previous quarter and a total dividend distribution of 0.62 euros per share over the first nine months of 2024. Acerinox also made strategic moves by signing an agreement to sell its subsidiary Bahru Stainless for USD 95 million and progressing in its acquisition of Haynes International, pending regulatory approval from Austrian authorities.
Looking ahead, Acerinox anticipates continued challenges in the stainless steel market due to weak demand and global uncertainties. However, the company expects an increase in EBITDA for the fourth quarter, driven by strategic sales and operational adjustments. Management remains committed to reducing net financial debt and enhancing its market position.