Despite continued softness in the aluminum market, Atlanta-based Novelis saw business improve in the third quarter, the company announced Monday.
Net income for the quarter — excluding certain tax-effected items — was $23 million, up from the $9 million the company made during the same period the year before.
The increase was attributed to higher global shipments and investments the company made for future expansions.
“We have made great progress in the commissioning of our major expansions and we are now seeing the benefits of some of these projects in our results,” Phil Martens, president and chief executive officer for Novelis, said in a statement.
In addition, shipments of aluminum rolled products were up 11 percent in the quarter compared to the same period last year. Net sales for the third quarter also were $2.4 billion, up 4 percent compared to the prior year.
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