Elkem ASA Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
October 25, 2023 at 04:23 am EDT
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Elkem ASA reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was NOK 7,745 million compared to NOK 11,049 million a year ago. Revenue was NOK 7,917 million compared to NOK 11,293 million a year ago. Net loss was NOK 456 million compared to net income of NOK 3,046 million a year ago. Basic loss per share from continuing operations was NOK 0.72 compared to basic earnings per share from continuing operations of NOK 4.81 a year ago. Diluted loss per share from continuing operations was NOK 0.72 compared to diluted earnings per share from continuing operations of NOK 4.79 a year ago.
For the nine months, sales was NOK 26,337 million compared to NOK 34,837 million a year ago. Revenue was NOK 27,109 million compared to NOK 35,494 million a year ago. Net income was NOK 533 million compared to NOK 8,667 million a year ago. Basic earnings per share from continuing operations was NOK 0.84 compared to NOK 13.68 a year ago. Diluted earnings per share from continuing operations was NOK 0.84 compared to NOK 13.64 a year ago.
Elkem ASA is a Norway-based provider and developer of silicones, silicon products and carbon solutions by combining natural raw materials, renewable energy and human ingenuity. Elkem has three reportable segments: Silicones, Silicon Products and Carbon Solutions. The Silicones segment iis a producer and seller of a range of silicone-based products across various sub-sectors such as release coatings, engineering elastomers, healthcare products, specialty fluids, emulsions and Resins; the Silicon Products segment is a producer of various grades of metallurgical silicon, ferrosilicon, foundry alloys and microsilica for use in a wide range of end applications; while the Carbon Solutions segment is a producer of carbon electrode materials, lining materials as well as specialty carbon products for metallurgical processes for the production of a range of metals. The Company has numerous subsidiaries, including Elkem Iberia SLU, Elkem Korea Co Ltd and Elkem Silicones Germany GmbH.