Winter weather hurts Noranda results

Apr 23, 2014 | 04:15 PM | Nathan Laliberte

Tags  Noranda Aluminum Holding, earnings report, Layle Smith, Missouri Public Service Commisison, Morgan Stanley, Paretosh Misra, New Madrid, Gramercy Nathan Laliberte

NEW YORK — Harsh winter weather and high electricity prices negatively impacted Noranda Aluminum Holding Corp.’s production and raw material costs in the first quarter, plunging the company deep in the red.

Excluding special items, Noranda posted a net loss of $16.1 million for the three months ended March 31 vs. a net loss of $1.3 million in the same period last year. Pre-tax earnings by the company’s primary aluminum segment totaled $10.7 million, down 70.5 percent from $36.3 million in the first quarter of 2013, as "weather-related segment profit impact totaled $14.9 million," Noranda said in a statement accompanying its earnings data. ....

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