Century Aluminum Company (NASDAQ: CENX) today announced its second
quarter 2024 results.
Business Highlights
- Net sales of $560.8 million
- Realized LME aluminum price of $2,288/MT in second quarter is
up $98/MT from prior quarter
- Reported net loss attributable to Century stockholders of $2.5
million and adjusted EBITDA attributable to Century stockholders of
$34.2 million1
- Cash and cash equivalents of $41.3 million and strong liquidity
of $342.6 million as of June 30, 2024
Second Quarter 2024
Financial Results
|
$MM (except shipments and per share data) |
| |
Q2 2024 |
Q1 2024 |
|
Aluminum shipments (tonnes) |
|
167,908 |
|
|
|
174,627 |
|
|
Net sales |
$ |
560.8 |
|
|
$ |
489.5 |
|
|
Net (loss) income attributable to Century stockholders |
$ |
(2.5 |
) |
|
$ |
246.8 |
|
|
Diluted (loss) earnings per share attributable to Century
stockholders |
$ |
(0.03 |
) |
|
$ |
2.26 |
|
|
Adjusted net income (loss) attributable to Century
stockholders(1) |
$ |
0.7 |
|
|
$ |
(3.0 |
) |
|
Adjusted earnings (loss) per share attributable to Century
stockholders(1) |
$ |
0.01 |
|
|
$ |
(0.03 |
) |
|
Adjusted EBITDA attributable to Century stockholders(1) |
$ |
34.2 |
|
|
$ |
25.0 |
|
(1) Non-GAAP measure; see reconciliation of GAAP
to non-GAAP financial measures.
Net sales for the second quarter ended
June 30, 2024 increased by $71.3 million sequentially
primarily due to higher LME aluminum price, regional and
value-added product premiums.
Century reported net loss attributable to
Century stockholders of $2.5 million for the second quarter of
2024, a $249.3 million decrease sequentially. The decrease in net
earnings during the second quarter of 2024 was primarily driven by
the recognition of the bargain purchase gain from the Jamalco
acquisition of $245.9 million in the first quarter of 2024. Second
quarter results were also impacted by $3.2 million of net
exceptional items, in particular, $3.5 million of stock based
compensation costs. Therefore, Century reported an adjusted net
income of $0.7 million for the second quarter of 2024, a $3.7
million change sequentially.
Adjusted EBITDA attributable to Century
stockholders for the second quarter of 2024 was $34.2 million. This
was an increase of $9.2 million from the prior quarter, primarily
driven by favorable realized LME and regional price premiums of
$21.8 million, partially offset by lower volume of $7.2 million and
additional operating expenses for deferred first quarter
maintenance of $5.4 million.
Century's liquidity position at June 30,
2024, comprised of cash and cash equivalents of $41.3 million and
$301.3 million in combined borrowing availability, was $342.6
million, an increase of $40.6 million from the prior quarter.
"Strong operating performance drove improved
financial results in the second quarter and leave us
well-positioned to benefit from higher aluminum prices in the third
quarter and beyond,” said Century President and CEO Jesse Gary.
“Recently announced trade-enforcement actions in the US and EU
continue to show the value of Century’s production assets in North
America and Europe, with direct access to these markets and the
ability to offer short, secure supply chains to our valuable
customers."
Third Quarter 2024
Outlook
The company expects third quarter Adjusted
EBITDA to range between $65 to $75 million based on higher LME and
regional premium prices and timing of shipments, partially offset
by increased power costs.
About Century Aluminum
Company
With its corporate headquarters located in
Chicago, IL, Century Aluminum owns and operates primary aluminum
smelting facilities in the United States and Iceland and is the
majority owner and managing partner of the Jamalco alumina refinery
in Jamaica. Visit www.centuryaluminum.com for more
information.
Non-GAAP Financial
Measures
Adjusted net income (loss), adjusted earnings
(loss) per share and adjusted EBITDA are non-GAAP financial
measures that management uses to evaluate Century's financial
performance. These non-GAAP financial measures facilitate
comparisons of this period’s results with prior periods on a
consistent basis by excluding items that management does not
believe are indicative of Century’s ongoing operating performance
and ability to generate cash. Management believes these
non-GAAP financial measures enhance an overall understanding of
Century’s performance and our investors’ ability to review
Century’s business from the same perspective as
management. The tables below, under the heading
"Reconciliation of Non-GAAP Financial Measures," provide a
reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, Century's reported results prepared in accordance with
GAAP. In addition, because not all companies use identical
calculations, adjusted net income (loss), adjusted earnings (loss)
per share and adjusted EBITDA included in this press release may
not be comparable to similarly titled measures of other companies.
Investors are encouraged to review the reconciliations in
conjunction with the presentation of these non-GAAP financial
measures.
Cautionary StatementThis press
release and statements made by Century Aluminum Company management
on the quarterly conference call contain "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, which are subject to the "safe harbor" created
by section 27A of the Securities Act of 1933, as amended (the
"Securities Act"), and section 21E of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"). Forward-looking
statements are statements about future events and are based on our
current expectations. These forward-looking statements may be
identified by the words "believe," "expect," "hope," "target,"
"anticipate," "intend," "plan," "seek," "estimate," "potential,"
"project," "scheduled," "forecast" or words of similar meaning, or
future or conditional verbs such as "will," "would," "should,"
"could," "might," or "may." Forward-looking statements, for
example, may include statements regarding: Our assessment of global
and local financial and economic conditions; Our assessment of the
aluminum market and aluminum prices (including premiums); Our
assessment of alumina pricing, energy prices, both in the United
States and Europe, costs associated with our other key raw
materials and supply and availability of those key raw materials,
including power (and related natural gas and coal), and the
likelihood and extent of any power curtailments; Our assessment of
power prices and availability for our U.S. and European operations;
The impact of the wars in Ukraine and in the Middle East, including
any related impacts on global energy markets and/or any sanctions
and export controls targeting Russia and businesses tied to Russia
and to sanctioned entities and individuals, including any possible
impact on our business, operations, financial condition, results of
operations, and global supply chains; The future financial and
operating performance of the Company and its subsidiaries; Our
ability to successfully manage market risk and to control or reduce
costs; Our plans and expectations with respect to future operations
of the Company and its subsidiaries, including any plans and
expectations to curtail or restart production, including the
expected impact of any such actions on our future financial and
operating performance; Our plans and expectations with regards to
future operations of our Mt. Holly smelter, including our
expectations as to the restart of curtailed production at Mt. Holly
including the timing, costs and benefits associated with restarting
curtailed production; Our plans with regards to future operations
of our Hawesville smelter, including our expectations as to the
timing, costs and benefits associated with restarting curtailed
production; Our plans and expectations with regards to the
Grundartangi casthouse project, including our expectations as to
the timing, costs and benefits associated with it; Our plans and
expectations with respect to the acquisition of a 55% interest in
Jamalco, including our expectations as to the costs and benefits
associated with this transaction; Our ability to successfully
obtain and/or retain competitive power arrangements for our
operations; The impact of Section 232 relief, including tariffs or
other trade remedies, the extent to which any such remedies may be
changed, including through exclusions or exemptions, and the
duration of any trade remedy; The impact of any new or changed law
or regulation, including, without limitation, sanctions or other
similar remedies or restrictions or any changes in interpretation
of existing laws or regulations; Our anticipated tax liabilities,
benefits or refunds including the realization of U.S. and certain
foreign deferred tax assets and liabilities; Our ability to qualify
for and realize potential tax benefits under the Inflation
Reduction Act of 2022 and the anticipated amounts of such benefits;
Our ability to realize the full amount of the DOE $500 million
grant, to negotiate favorable terms and conditions related to such
grant, to raise additional capital through additional grants,
incentives, subsidized loans and other debt and equity funding to
support construction of a new aluminum smelter; Our ability to
access existing or future financing arrangements and the terms of
any such future financing arrangements; Our ability to repay or
refinance debt in the future; Our ability to recover losses from
our insurance; Our assessment and estimates of our pension and
other postretirement liabilities, legal and environmental
liabilities and other contingent liabilities; Our assessment of any
future tax audits or insurance claims and their respective
outcomes; Negotiations with current labor unions or future
representation by a union of our employees; Our assessment of any
information technology-related risks, including the risk from
cyberattacks or other data security breaches, including the
cybersecurity incident that occurred on February 16, 2022; Our
plans and expectations regarding potential M&A and joint
venture activity including our ability to consummate such
transactions and our assessments of certain risks associated with
the same, including, for example, unforeseen costs and expenses
associated with unidentified liabilities, and difficulties
integrating an acquired asset into our existing operations; and Our
future business objectives, plans, strategies and initiatives,
including our competitive position and prospects.
Where we express an expectation or belief as to
future events or results, such expectation or belief is expressed
in good faith and believed to have a reasonable basis. However, our
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may
cause actual results to differ materially from future results
expressed, projected or implied by those forward-looking
statements. Important factors that could cause actual results and
events to differ from those described in such forward-looking
statements can be found in the risk factors and forward-looking
statements cautionary language contained in our Annual Report on
Form 10-K, our Quarterly Reports on Form 10-Q and in other filings
made with the Securities and Exchange Commission. Although we have
attempted to identify those material factors that could cause
actual results or events to differ from those described in such
forward-looking statements, there may be other factors that could
cause actual results or events to differ from those anticipated,
estimated or intended. Many of these factors are beyond our ability
to control or predict. Given these uncertainties, the reader is
cautioned not to place undue reliance on our forward-looking
statements. We undertake no obligation to update or revise publicly
any forward-looking statements, whether as a result of new
information, future events, or otherwise.
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(in millions, except per share amounts) |
|
(Unaudited) |
| |
Three months ended |
| |
June 30, |
|
March 31, |
|
|
|
2024 |
|
|
|
2024 |
|
|
NET SALES: |
|
|
|
|
Related parties |
$ |
324.2 |
|
|
$ |
315.0 |
|
|
Other customers |
|
236.6 |
|
|
|
174.5 |
|
|
Total net sales |
|
560.8 |
|
|
|
489.5 |
|
|
Cost of goods sold |
|
540.4 |
|
|
|
473.0 |
|
|
Gross profit |
|
20.4 |
|
|
|
16.5 |
|
|
Selling, general and administrative expenses |
|
12.3 |
|
|
|
14.1 |
|
|
Other operating expense - net |
|
1.7 |
|
|
|
0.5 |
|
|
Operating income |
|
6.4 |
|
|
|
1.9 |
|
|
Interest expense |
|
(10.3 |
) |
|
|
(9.2 |
) |
|
Interest income |
|
0.6 |
|
|
|
0.7 |
|
|
Net gain (loss) on forward and derivative contracts |
|
(4.0 |
) |
|
|
7.4 |
|
|
Bargain purchase gain |
|
— |
|
|
|
245.9 |
|
|
Other income (loss) - net |
|
1.1 |
|
|
|
(1.5 |
) |
|
Income (loss) before income taxes |
|
(6.2 |
) |
|
|
245.2 |
|
|
Income tax expense |
|
(0.5 |
) |
|
|
(0.5 |
) |
|
Net income (loss) |
|
(6.7 |
) |
|
|
244.7 |
|
|
Net loss attributable to noncontrolling interests |
|
(4.2 |
) |
|
|
(2.1 |
) |
|
Net income (loss) attributable to Century stockholders |
|
(2.5 |
) |
|
|
246.8 |
|
|
Less: net income allocated to participating securities |
|
— |
|
|
|
13.2 |
|
|
Net income (loss) allocated to common stockholders |
$ |
(2.5 |
) |
|
$ |
233.6 |
|
| |
|
|
|
|
INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON
SHARE: |
|
Basic |
$ |
(0.03 |
) |
|
$ |
2.52 |
|
|
Diluted |
|
(0.03 |
) |
|
|
2.26 |
|
|
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
Basic |
|
92.7 |
|
|
|
92.7 |
|
|
Diluted |
|
92.7 |
|
|
|
98.7 |
|
|
|
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED BALANCE SHEETS |
|
(in millions, except per share amounts) |
|
(Unaudited) |
| |
June 30,2024 |
|
December 31,2023 |
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
41.3 |
|
|
$ |
88.8 |
|
|
Restricted cash |
|
1.5 |
|
|
|
1.5 |
|
|
Accounts receivable - net |
|
83.7 |
|
|
|
53.7 |
|
|
Non-trade receivables |
|
53.5 |
|
|
|
36.2 |
|
|
Due from affiliates |
|
7.5 |
|
|
|
20.2 |
|
|
Manufacturing credit receivable |
|
57.1 |
|
|
|
59.3 |
|
|
Inventories |
|
467.5 |
|
|
|
477.0 |
|
|
Derivative assets |
|
5.4 |
|
|
|
2.9 |
|
|
Prepaid and other current assets |
|
18.4 |
|
|
|
27.5 |
|
|
Total current assets |
|
735.9 |
|
|
|
767.1 |
|
|
Property, plant and equipment - net |
|
971.5 |
|
|
|
1,004.2 |
|
|
Other assets |
|
97.8 |
|
|
|
75.2 |
|
|
TOTAL ASSETS |
$ |
1,805.2 |
|
|
$ |
1,846.5 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
|
Accounts payable, trade |
$ |
200.3 |
|
|
$ |
249.5 |
|
|
Accrued compensation and benefits |
|
38.2 |
|
|
|
38.1 |
|
|
Due to affiliates |
|
108.3 |
|
|
|
101.4 |
|
|
Accrued and other current liabilities |
|
49.5 |
|
|
|
50.9 |
|
|
Derivative liabilities |
|
2.7 |
|
|
|
1.4 |
|
|
Deferred credit - preliminary bargain purchase gain |
|
— |
|
|
|
273.4 |
|
|
Current debt due to affiliates |
|
10.0 |
|
|
|
10.0 |
|
|
Current maturities of long-term debt |
|
19.1 |
|
|
|
38.3 |
|
|
Total current liabilities |
|
428.1 |
|
|
|
763.0 |
|
|
Long-term debt |
|
451.3 |
|
|
|
430.9 |
|
|
Accrued benefits costs - less current portion |
|
120.2 |
|
|
|
120.3 |
|
|
Deferred taxes |
|
73.4 |
|
|
|
72.4 |
|
|
Asset retirement obligations - less current portion |
|
49.9 |
|
|
|
49.5 |
|
|
Other liabilities |
|
99.4 |
|
|
|
66.3 |
|
|
Total noncurrent liabilities |
|
794.2 |
|
|
|
739.4 |
|
|
TOTAL LIABILITIES |
$ |
1,222.3 |
|
|
$ |
1,502.4 |
|
| |
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
Series A Preferred stock (one cent par value, 5,000,000 shares
authorized; 160,000 issued and 52,238 outstanding at June 30, 2024;
160,000 issued and 52,284 outstanding at December 31, 2023) |
|
— |
|
|
|
— |
|
|
Common stock (one cent par value, 195,000,000 authorized;
99,925,610 issued and 92,739,089 outstanding at June 30, 2024;
99,876,385 issued and 92,689,864 outstanding at December 31,
2023) |
|
1.0 |
|
|
|
1.0 |
|
|
Additional paid-in capital |
|
2,544.7 |
|
|
|
2,542.9 |
|
|
Treasury stock, at cost |
|
(86.3 |
) |
|
|
(86.3 |
) |
|
Accumulated other comprehensive loss |
|
(98.1 |
) |
|
|
(97.9 |
) |
|
Accumulated deficit |
|
(1,759.8 |
) |
|
|
(2,004.1 |
) |
|
Total Century shareholders’ equity |
|
601.5 |
|
|
|
355.6 |
|
|
Noncontrolling interests |
|
(18.6 |
) |
|
|
(11.5 |
) |
|
Total equity |
|
582.9 |
|
|
|
344.1 |
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
$ |
1,805.2 |
|
|
$ |
1,846.5 |
|
|
|
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(in millions) |
|
(Unaudited) |
| |
Six months ended June 30, |
|
|
|
2024 |
|
|
|
2023 |
|
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net income (loss) |
$ |
238.0 |
|
|
$ |
(32.0 |
) |
|
Adjustments to reconcile net income (loss) to net cash used in
operating activities: |
|
|
|
|
Unrealized (gain) loss on derivative instruments |
|
(3.7 |
) |
|
|
66.3 |
|
|
Depreciation, depletion and amortization |
|
41.7 |
|
|
|
31.5 |
|
|
Change in deferred tax benefit (expense) |
|
0.6 |
|
|
|
(12.6 |
) |
|
Gain on sale of assets |
|
(2.3 |
) |
|
|
— |
|
|
Bargain purchase gain |
|
(245.9 |
) |
|
|
— |
|
|
Other non-cash items - net |
|
0.5 |
|
|
|
3.7 |
|
|
Change in operating assets and liabilities, net of
acquisition: |
|
|
|
|
Accounts receivable - net |
|
(37.4 |
) |
|
|
26.0 |
|
|
Non-trade receivables |
|
(1.6 |
) |
|
|
— |
|
|
Manufacturing credit receivable |
|
(23.8 |
) |
|
|
— |
|
|
Due from affiliates |
|
12.8 |
|
|
|
(12.2 |
) |
|
Inventories |
|
9.4 |
|
|
|
(18.5 |
) |
|
Prepaid and other current assets |
|
10.0 |
|
|
|
7.7 |
|
|
Accounts payable, trade |
|
(13.4 |
) |
|
|
(72.9 |
) |
|
Due to affiliates |
|
8.8 |
|
|
|
7.7 |
|
|
Accrued and other current liabilities |
|
(0.5 |
) |
|
|
3.0 |
|
|
Other - net |
|
3.5 |
|
|
|
0.4 |
|
|
Net cash used in operating activities |
|
(3.3 |
) |
|
|
(1.9 |
) |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchase of property, plant and equipment |
|
(46.6 |
) |
|
|
(36.6 |
) |
|
Proceeds from sale of assets |
|
2.3 |
|
|
|
— |
|
|
Acquisition of subsidiary, net of cash acquired |
|
— |
|
|
|
19.4 |
|
|
Net cash used in investing activities |
|
(44.3 |
) |
|
|
(17.2 |
) |
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Borrowings under revolving credit facilities |
|
297.9 |
|
|
|
407.8 |
|
|
Repayments under revolving credit facilities |
|
(321.6 |
) |
|
|
(396.6 |
) |
|
Repayments under Iceland term facility |
|
(1.2 |
) |
|
|
(6.1 |
) |
|
Borrowings under Grundartangi casthouse debt facility |
|
25.0 |
|
|
|
20.0 |
|
|
Net cash provided by financing activities |
|
0.1 |
|
|
|
25.1 |
|
|
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
|
(47.5 |
) |
|
|
6.0 |
|
|
Cash, cash equivalents and restricted cash, beginning of
period |
|
90.3 |
|
|
|
55.5 |
|
|
Cash, cash equivalents and restricted cash, end of period |
$ |
42.8 |
|
|
$ |
61.5 |
|
|
|
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANYSELECTED OPERATING
DATA(in millions, except shipments)(Unaudited) |
|
|
|
SHIPMENTS - PRIMARY
ALUMINUM(1) |
|
|
|
|
|
|
|
|
| |
|
United States |
|
Iceland |
|
Total |
|
|
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter |
|
93,805 |
|
$ |
266.5 |
|
74,103 |
|
$ |
185.8 |
|
167,908 |
|
$ |
452.3 |
|
1st Quarter |
|
97,602 |
|
$ |
258.1 |
|
77,025 |
|
$ |
189.5 |
|
174,627 |
|
$ |
447.6 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2nd Quarter |
|
97,224 |
|
$ |
296.4 |
|
76,425 |
|
$ |
212.3 |
|
173,649 |
|
$ |
508.7 |
|
1st Quarter |
|
102,430 |
|
|
317.6 |
|
78,735 |
|
|
210.1 |
|
181,165 |
|
|
527.7 |
(1) Excludes scrap aluminum sales, purchased aluminum and
alumina sales.
|
CENTURY ALUMINUM COMPANYRECONCILIATION OF
NON-GAAP FINANCIAL MEASURES(in millions, except per share
amounts)(Unaudited) |
| |
|
| |
Three months ended |
| |
June 30, 2024 |
|
March 31, 2024 |
| |
$MM |
|
EPS |
|
$MM |
|
EPS1 |
|
Net (loss) income attributable to Century
stockholders |
$ |
(2.5 |
) |
|
$ |
(0.03 |
) |
|
$ |
246.8 |
|
|
$ |
2.66 |
|
|
Less: net (loss) income allocated to participating securities |
|
— |
|
|
|
— |
|
|
|
13.2 |
|
|
|
0.14 |
|
|
Net (loss) income allocated to common stockholders |
|
(2.5 |
) |
|
|
(0.03 |
) |
|
|
233.6 |
|
|
|
2.52 |
|
|
Lower of cost or NRV inventory adjustment, net of tax |
|
(2.0 |
) |
|
|
(0.02 |
) |
|
|
(6.4 |
) |
|
|
(0.07 |
) |
|
Unrealized loss (gain) on derivative contracts, net of tax |
|
1.7 |
|
|
|
0.02 |
|
|
|
(3.3 |
) |
|
|
(0.04 |
) |
|
Bargain purchase gain |
|
— |
|
|
|
— |
|
|
|
(245.9 |
) |
|
|
(2.65 |
) |
|
Share-based compensation |
|
3.5 |
|
|
|
0.04 |
|
|
|
3.5 |
|
|
|
0.04 |
|
|
Jamalco equipment failure |
|
— |
|
|
|
— |
|
|
|
4.7 |
|
|
|
0.05 |
|
|
Impact of preferred and convertible shares |
|
— |
|
|
|
— |
|
|
|
10.8 |
|
|
|
0.12 |
|
|
Adjusted net income (loss) attributable to Century
stockholders |
$ |
0.7 |
|
|
$ |
0.01 |
|
|
$ |
(3.0 |
) |
|
$ |
(0.03 |
) |
| |
|
|
|
|
|
|
|
| |
Three months ended |
| |
June 30, 2024 |
|
March 31, 2024 |
|
Net (loss) income attributable to Century
stockholders |
$ |
(2.5 |
) |
|
$ |
246.8 |
|
|
Add: Net loss attributable to noncontrolling interests |
|
(4.2 |
) |
|
|
(2.1 |
) |
|
Net (loss) income |
|
(6.7 |
) |
|
|
244.7 |
|
|
Interest expense |
|
10.3 |
|
|
|
9.2 |
|
|
Interest income |
|
(0.6 |
) |
|
|
(0.7 |
) |
|
Net loss (gain) on forward and derivative contracts |
|
4.0 |
|
|
|
(7.4 |
) |
|
Bargain purchase gain |
|
— |
|
|
|
(245.9 |
) |
|
Other (income) expense - net |
|
(1.1 |
) |
|
|
1.5 |
|
|
Income tax expense |
|
0.5 |
|
|
|
0.5 |
|
|
Operating income |
|
6.4 |
|
|
|
1.9 |
|
|
Lower of cost or NRV inventory adjustment |
|
(1.8 |
) |
|
|
(7.0 |
) |
|
Share-based compensation |
|
3.5 |
|
|
|
3.5 |
|
|
Jamalco equipment failure |
|
— |
|
|
|
8.5 |
|
|
Depreciation, depletion and amortization |
|
21.9 |
|
|
|
21.9 |
|
|
Adjusted EBITDA |
|
30.0 |
|
|
|
28.8 |
|
|
Less: Adjusted EBITDA attributable to noncontrolling interests |
|
(4.2 |
) |
|
|
3.8 |
|
|
Adjusted EBITDA attributable to Century
stockholders |
|
34.2 |
|
|
|
25.0 |
|
|
|
|
|
|
|
|
|
|
ContactRyan Crawford(Investors
and media)312-696-3132Source: Century Aluminum Company
Century Aluminum (NASDAQ:CENX)
Historical Stock Chart
From Dec 2024 to Jan 2025
Century Aluminum (NASDAQ:CENX)
Historical Stock Chart
From Jan 2024 to Jan 2025
