 | Get all the essential market news and expert opinions in one place with our daily newsletter. Receive a comprehensive recap of the day's top stories directly to your inbox. Sign up here! |
(Kitco News) - Critical materials firm AMG Advanced Metallurgical Group (EURONEXT: AMG) yesterday reported Q2 2023 revenue of $439 million, a 4% increase from the same period in 2022.
The company's Q2 2023 EBITDA was $107 million, up 32% compared to Q2 2022, driven largely by its Clean Energy Materials segment, specifically AMG Lithium’s Brazilian operation with an EBITDA contribution of $89 million.
AMG said its lithium concentrate production expansion project in Brazil is progressing as planned, adding that lithium hydroxide refinery in Germany - Europe’s first - is expected to start commissioning for the first 20,000-ton module in the fourth quarter of 2023.
Net income attributable to shareholders of the company was $43 million in Q2 2023, up 44% compared to Q2 2022 ($30 million), yielding $1.28 fully diluted earnings per share compared to $0.91 for the same period in 2022.
AMG’s liquidity as of June 30, 2023 was $586 million, with $391 million of unrestricted cash and $195 million of revolving credit availability.
The company also said it declares an interim dividend of €0.40 per ordinary share, to be paid in the third quarter of 2023.
However, the company noted that given the global economic uncertainty and the slowdown in China, current spot prices across AMG’s critical materials portfolio are significantly below the prices at the time when AMG announced its initial guidance for 2023 in November 2022.
Therefore, AMG has changed its full year EBITDA guidance for 2023 from “exceeding $400 million in EBITDA” to “a range between $350 million to $380 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.
|
| Alamos Gold reports record production, revenues and free cash flow in second quarter |
