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AMG books record annual earnings of US$57M in 2017

AMG Advanced Metallurgical Group NV's attributable net income hit a record US$57 million in 2017, a 40% rise from the US$40.6 million booked in 2016, after fourth-quarter net income surged 44% on an annual basis to US$14.3 million.

Revenues in the quarter increased 18% year on year to US$280.7 million, with the group's critical materials division contributing US$214 million. The business segment's revenues rose 29% on an annual basis, driven by higher sales volumes and improved prices of vanadium, aluminum, graphite and other commodities.

The division's selling, general and administrative expenses increased 16% in the quarter, but EBITDA climbed 22% to US$26.9 million.

AMG's groupwide EBITDA for the quarter improved 10% to US$33 million. On a full-year basis, revenues rose 9% to US$1.06 billion, and EBITDA rose 25% to US$125.5 million. EPS for the year surged 36% to US$1.80 per share.

The company plans to pay a dividend of 28 euro cents per share for 2017, including the interim dividend of 14 euro cents per share paid in August 2017.