UPDATE 1-Aluminium maker Norsk Hydro raises dividend on buoyant earnings

From Reuters - February 16, 2018

(Recasts, adds share, analyst, background)

By Joachim Dagenborg and Ole Petter Skonnord

OSLO, Feb 16 (Reuters) - Aluminium producer Norsk Hydro proposed a higher-than-expected annual dividend on Friday thanks to stronger aluminium and alumina prices that boosted performance across its most important divisions, sending its shares up.

The Norwegian company raised its 2017 dividend to 1.75 Norwegian crowns ($0.2266) per share, above expectations for 1.48 crowns in a Reuters poll of analysts and up from 1.25 crowns for 2016.

I am pleased with the strong, full-year and quarterly results, supported by higher aluminium and alumina prices, CEO Svein Richard Brandtzaeg said in a statement.

Earnings at the firms two most important divisions were above forecast. Bauxite and alumina posted an underlying operating result of 1.9 billion crowns, beating expectations for 1.6 billion, while primary metal earned 1.37 billion crowns, against expectations for 1.34 billion.


Continue reading at Reuters »