NHYKF - Norsk Hydro earnings more than double on strong aluminum demand

Norsk Hydro ([[NHYDY]] -0.4%) says Q2 EBITDA more than doubled Y/Y, beating expectations as the global economic recovery supported increased demand for aluminum.The company reports adjusted EBITDA for the quarter rose to 6.6B Norwegian crowns ($745.7M), well above the consensus estimate of 6.09B crowns in a poll of analysts, and revenues rose 36% Y/Y to 34.56B crowns.Norsk Hydro says strong demand dynamics lifted premiums during Q2; the price of aluminum rose by two-thirds from the lows hit in the year-ago quarter to ~$2,500/metric ton by the end of June this year.The company says its target to deliver return on capital above 10% over cycle is progressing well and the improvement program is running ahead of plan.

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Norsk Hydro earnings more than double on strong aluminum demand