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(Kitco News) - Critical materials firm AMG Advanced Metallurgical Group (EURONEXT: AMG) today reported Q1 2023 revenue of $451 million, a 12% increase versus the same period in 2022.
The company's Q1 2023 EBITDA of $118 million was more than double the EBITDA of $55 million for the first three months of last year, and represents an all-time high for AMG's quarterly EBITDA.
Cash from operating activities was $93 million in the first quarter of 2023, an increase of $97 million over the same period in 2022.
Net income attributable to shareholders for the first three months of 2023 was $56 million (Q1 2022: $29 million), yielding $1.72 diluted earnings per share compared to $0.89 for the same period in 2022.
AMG added that its liquidity as of March 31, 2023 was $555 million, with $360 million of unrestricted cash and $195 million of revolving credit availability. The company also reaffirmed that its guidance for the full year 2023 to exceed $400 million EBITDA.
Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "We have achieved new record earnings and operating cash flow. This is the third straight quarter in which AMG has exceeded $100 million of EBITDA. The $63 million, or 116%, EBITDA increase over the first quarter of 2022 was driven largely by our Clean Energy Materials segment, specifically AMG Lithium and its Brazil operation with an EBITDA contribution of $92 million.
"The record results are due to our recent expansion projects. The profitability going forward is also driven by the strategic projects coming on stream in 2023 and 2024, in particular our lithium concentrate expansion and our first lithium hydroxide refinery module in Bitterfeld. We thereby confirm our guidance for 2023 to exceed $400 million in EBITDA."
AMG is a global critical materials company producing highly engineered specialty metals and mineral products. AMG Clean Energy Materials segment combines AMG's recycling and mining operations, producing materials for infrastructure and energy storage solutions while reducing the CO2 footprint of both suppliers and customers.
AMG Clean Energy Materials segment spans the vanadium, lithium, and tantalum value chains. AMG Critical Minerals segment consists of AMG's mineral processing operations in antimony, graphite, and silicon metal.
With approximately 3,600 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the United States, China, Mexico, Brazil, India, Sri Lanka, and Mozambique, and has sales and customer service offices in Japan.
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