Norsk Hydro ASA (NHY.OS) said Wednesday that its net income rose in the third quarter, as underlying earnings fell due to higher raw material costs and negative currency effects.
The Norwegian aluminum supplier generated net income of 2.18 billion Norwegian kroner ($272.7 million) in the quarter, up 40% from the second quarter.
Continue Reading Below
However, underlying earnings before interest and tax were down 17% to NOK2.45 billion on quarter. Earnings before financial items, tax, depreciation and amortization fell 13% to NOK3.77 billion.
Norsk Hydro said its cost-savings plan is behind schedule due to ongoing challenges in its rolled-products program. The company doesn't expect to hit its year-end target of NOK500 million in savings, but said this won't impact its 2019 target of NOK2.90 billion.
Write to Adam Clark at firstname.lastname@example.org; @AdamDowJones
(END) Dow Jones Newswires
October 25, 2017 02:16 ET (06:16 GMT)