74% Increase in Profit
Aluminum Group AMAG Boosts Profits Despite Tariffs
The publicly traded aluminum group AMAG (Austria Metall AG) from Upper Austria significantly increased its revenue and profit in the first half of the year despite the war in Iran and U.S. tariffs. Profit after income taxes climbed 74 percent compared to the same period last year, reaching 40.7 million euros.
Kronen Zeitung als bevorzugte Google-Quelle hinzufügen Revenue rose by 8 percent to 850.7 million euros, the Innviertel-based company announced on Thursday. “Despite ongoing geopolitical uncertainties, U.S. tariffs on aluminum, and cost inflation that is high by international standards, we were able to significantly increase our earnings power by 25 percent compared to the same period last year and further improve profitability,” said AMAG CEO Victor Breguncci. Productivity gains, optimizations in the product mix, record sales in the rolling segment during the second quarter, and cost-efficiency measures contributed to the positive business performance.
Aluminum prices have risen
The AMAG Group’s total sales volume in the first half of the year was 221,400 metric tons, slightly above the prior-year level of 220,400 metric tons. According to the company, the increase in revenue is attributable to higher sales volumes in the Rolling segment and significantly higher aluminum prices. “A very strong operating performance” at the Ranshofen site in the Innviertel region enabled significant volume growth in the key markets of automotive (+31 percent) and heat exchangers (+23 percent), as well as further growth in aerospace (+9 percent) and industrial applications (+2 percent), according to the aluminum group.
The AMAG Executive Board is “confident” about business performance in the second half of the year. It expects adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of between 170 million euros and 190 million euros. However, there are “still numerous uncertainties,” including geopolitical developments, possible changes to U.S. import tariffs and retaliatory tariffs, as well as energy prices, AMAG management explained.
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