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AMG Advanced Metallurgical Group N.V. Reports First Quarter 2014 Results

Stocks in this article: AMG

Key Highlights

  • Revenue was $274.9 million in the first quarter 2014, a 7% decrease from the same period in 2013
  • EBITDA ([1])was $20.1 million in the first quarter 2014, a 10% decrease from the same period in 2013
  • Earnings per share on a fully diluted basis was $0.14 in the first quarter 2014, a 56% increase over the same period in 2013
  • Cash flows from operating activities were $5.7 million in the first quarter 2014, compared to $0.7 million in the same period in 2013
  • AMG Processing generated revenue of $145.1 million and EBITDA of $9.4 million in the first quarter 2014
  • AMG Engineering generated revenue of $48.8 million and EBITDA of $1.5 million in the first quarter 2014
  • AMG Mining generated revenue of $81.0 million and EBITDA of $9.1 million in the first quarter 2014
  • As of March 31, 2014, cash on the balance sheet was $97.9 million; net debt was $160.9 million

AMSTERDAM, Netherlands, May 8, 2014 (GLOBE NEWSWIRE) -- AMG Advanced Metallurgical Group N.V. ("AMG", EURONEXT AMSTERDAM: "AMG") reported first quarter 2014 revenue of $274.9 million, a 7% decrease from $296.5 million in the first quarter 2013.

EBITDA decreased 10% to $20.1 million in the first quarter 2014 from $22.2 million in the first quarter 2013. Net income attributable to shareholders for the first quarter 2014 was $3.9 million, or $0.14 per fully diluted share, a 59% increase from $2.5 million, or $0.09 in the first quarter 2013.

Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "The specialty metals industry continued to experience low market prices during the first quarter 2014.  The management changes made in AMG Superalloys and AMG Titanium Alloys & Coatings began to yield operational improvements during the quarter.  These operational activities resulted in improved margins and cash flows, which is our primary focus.  We are also making progress on our strategic plans to optimize our portfolio and obtain critical mass in critical materials."

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