Noranda Aluminum Holding Corporation (NYSE: NOR) today reported results for the fourth quarter and full-year 2011.
"In 2011, Noranda's integrated business platform supported nearly $65 million in sustaining and value-added growth capital expenditures and the prudent return of $71 million to our shareholders, demonstrating our ability to generate strong cash flow through the commodity cycle," said Layle K. (Kip) Smith, Noranda's President and Chief Executive Officer. "In the fourth quarter, across our business, product demand and raw material input costs were consistent with expectations. However, in the Alumina and Bauxite segments, the impact of costs and lost volume from maintenance events had a $16.5 million negative impact on operating results. We believe the issues were contained to the fourth quarter, as production rates following the resumption of normal operations have equaled or exceeded those prior to the maintenance. Excluding the impact of these issues, we are pleased to report a baseline net cash cost of $0.72 per pound for 2011, compared to $0.70 per pound in 2010, driven by our focus on productivity throughout a volatile and inflationary global economic environment."
Noranda reported fourth quarter 2011 net income of $24.4 million ($0.36 per diluted share), compared to net income of $34.9 million ($0.59 per diluted share) for fourth quarter 2010. Excluding special items, Noranda reported fourth quarter 2011 net income of $0.6 million ($0.01 per diluted share), compared to fourth quarter 2010 net income of $24.0 million ($0.41 per diluted share). Both fourth quarter and full-year 2011 results included $16.5 million ($0.16 per diluted share) of costs associated with Alumina and Bauxite maintenance events.
Noranda reported full-year 2011 net income of $140.9 million ($2.06 per diluted share), compared to net income of $66.9 million ($1.27 per diluted share) in 2010. Excluding special items, Noranda reported full-year 2011 net income of $72.0 million ($1.05 per diluted share), compared to $45.4 million ($0.86 per diluted share) in 2010.
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