Norsk Hydro 3Q EBIT -5.1% At NOK2.04 Billion, Excluding Oil,Gas Operations

OSLO -(Dow Jones)- Norsk Hydro ASA (NHY) Tuesday reported a 5.1% decrease in earnings before interest and tax for its third-quarter operations this year, excluding contributions from oil and gas, due to lower aluminum prices as measured in Norwegian kroner and seasonally lower sales at its downstream operations.

The Norwegian aluminum and power company said the figure, closely watched by analysts, slipped to NOK2.04 billion from NOK2.15 billion in the same period a year previously, according to comparative figures released Tuesday.

Analysts had expected EBIT of NOK2.71 billion.

Income from continuing operations was NOK2.62 billion versus NOK1.35 billion a year ago, while earnings per share was NOK2.10 from NOK0.90.

Revenue fell to NOK22.06 billion from NOK24.04 billion a year ago.

Meanwhile, Hydro’s third-quarter net profit attributable to equity holders of the company, including its oil and gas operations, rose 74% to NOK6.32 billion from NOK3.62 billion.

Revenue for the full group was NOK44.42 billion from NOK48.57 billion a year earlier. Basic and diluted earnings per share attributable to equity holders of the company rose to NOK5.20 from NOK2.90.

Norsk Hydro’s shares closed at NOK82.60 Monday. The company commenced trading as a stand-alone aluminum stock Oct. 1 following the sale of its oil and gas assets to Statoil ASA (STL.OS).

Its shares opened at NOK76.50 that day and hit a peak of NOK82.60 Oct. 15, up almost 8%.