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Hydro slips on profit miss, tougher outlook

By Reuters News

** Shares in Norsk Hydro NHY.OL fall 7% after the Norwegian aluminium producer posted its Q3 print below expectations, and said it expects higher costs and lower realised metal prices at its smelting business in the fourth quarter

** Adjusted EBITDA rose more than 50% year-on-year to 9.09 billion crowns ($974.3 million) in the quarter, but missed analysts' 9.53 billion-crown forecast

** The company expects aluminium premiums to decline and smelting costs to increase by 500-800 million crowns in the fourth quarter

** JPM says that Hydro reported a disappointing quarter and flagged a tougher outlook, with lower capex only partly offsetting concerns over costs and earnings

** RBC echoes the view, adding that it expects rising costs and operational challenges to weigh on Hydro's earnings despite lower spending

** Share price is at its lowest in more than a year

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