AMG Group reports third quarter 2010 results

Nov. 10, 2010 - AMG Advanced Metallurgical Group N.V. reported third quarter 2010 revenue increased 17% to 240.4 million from $205.4 million in the third quarter 2009.
Net income attributable to shareholders for the third quarter 2010, excluding Timminco, was $3.0 million, or $0.11 per fully diluted share, compared to net loss of ($13.3) million, or ($0.50) per fully diluted share for the third quarter 2009. EBITDA increased 1% to $18.8 million in the third quarter 2010 from $18.6 million in the third quarter 2009.
In commenting on results, Dr. Heinz Schimmelbusch, Chairman of the Management Board and CEO, said, "Market conditions remained uncertain during the third quarter. Despite this, AMG generated growth in revenues and stable earnings in the third quarter. The Advanced Materials division's revenue and earnings increased even though it encountered higher input prices and a less favorable product mix. The Engineering Systems' order intake improved slightly during the quarter compared the second quarter 2010; however, it was up over 50% from the same period in 2009. Due to a low level of Engineering Systems' order backlog at the beginning of the quarter, revenue and earnings remained low. Graphit Kropfm hl delivered modest performance during the third quarter as demand and prices remained strong for natural graphite."