NHYDY - Norsk Hydro reports higher Q3 earnings on market recovery insurance

Norsk Hydro ([[NHYDY]] +6.8%) posted a surprise rise in Q3 operating profits and said its markets were recovering from the fall in demand seen in the second quarter, as well as saw a rebound in its extruded business. Underlying EBIT rose to NOK1.41B, from NOK1.37B a year ago.The result was also positively impacted by an insurance payment of NOK192M following a 2019 cyberattack as well as a NOK64M government grant, Hydro said“Our priority now is to raise our earnings and margins by being well positioned as markets recover, while maintaining our cost focus so that we retain the gains we’ve made,” CEO Hilde Merete Aasheim told Reuters.Hydro’s extruded business saw a stronger-than-expected recovery, boosted by lower raw material costs and fixed costs, as well as currency effects.In August 18, Hydro halted operation of the pipeline transporting bauxite from Paragominas to Alunorte for extended maintenance to replace a section of the

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Norsk Hydro reports higher Q3 earnings on market recovery, insurance