Norsk Hydro Posts Narrower Q4 Net Loss

Norway's Norsk Hydro ASA NHYDY reported a narrower loss for its fourth quarter. The company posted a quarterly net loss of 370 million Norwegian kroner, versus a year-ago net loss of 793 million kroner. Net loss from continuing operations shrank to 168 million Norwegian Kroner, versus a loss of 758 million kroner. The company's revenue surged to 21.66 billion kroner from 16.57 billion kroner. Its underlying earnings before interest and taxes climbed to 2.89 billion kroner, compared to 471 million kroner. However, analysts were expecting earnings of 2.29 billion crowns. Norsk Hydro announced its plans to pay a dividend of 1 krone per share, versus 0.75 crowns in 2013. Operating cash flow came in at NOK 4.4 billion for the quarter. "I am pleased to see the highest quarterly results we have reported since we became a pure play aluminium company in 2007. For the second quarter in a row, we also see a solid improvement in operating costs at Alunorte and Paragominas, as well as increased production levels, reflecting robust operations," said President and CEO, Svein Richard Brandtzæg.