Century Aluminum Company (NASDAQ: CENX) today announced its fourth
quarter and full year 2024 results.
Fourth Quarter 2024 Highlights
- Net sales $631.0 million
- Reported net income attributable to Century stockholders of
$47.7 million, or $0.47 per diluted share; adjusted net income of
$45.9 million1, or $0.49 per share; Adjusted EBITDA attributable to
Century stockholders of $82.4 million1
- Ending cash and cash equivalents of $32.9 million and strong
liquidity of $244.5 million as of December 31, 2024
Full Year 2024 Highlights
- Net sales $2.2 billion
- Reported net income attributable to Century stockholders of
$339.4 million, or $3.29 per share; adjusted net income of $104.0
million1, or $1.11 per share; Adjusted EBITDA attributable to
Century stockholders of $245.2 million1
- Recorded highest annual production volume at Sebree, KY over
past 5 years
- Completed Iceland billet casthouse expansion project increasing
value-add product offerings
- Recorded $92.6 million Section 45X production tax credit
including direct and indirect material costs now eligible
- Selected by U.S. Department of Energy to receive $500.0 million
grant to build a new aluminum smelter
Fourth Quarter & Full Year 2024 Financial
Results
|
$MM (except shipments and per share data) |
|
|
|
|
|
|
|
|
Q4 2024 |
Q3 2024 |
|
|
FY 2024 |
FY 2023 |
|
Shipments (tonnes) |
|
166,677 |
|
168,755 |
|
|
|
677,967 |
|
700,680 |
|
| Net
sales |
$ |
631.0 |
$ |
539.1 |
|
|
$ |
2,220.3 |
$ |
2,185.4 |
|
| Net
income (loss) attributable to Century stockholders |
$ |
47.7 |
$ |
47.3 |
|
|
$ |
339.4 |
$ |
(43.1 |
) |
| Diluted
earnings (loss) per share attributable to Century stockholders |
$ |
0.47 |
$ |
0.46 |
|
|
$ |
3.29 |
$ |
(0.47 |
) |
| Adjusted
net income(1) attributable to Century stockholders |
$ |
45.9 |
$ |
60.0 |
|
|
$ |
104.0 |
$ |
30.7 |
|
| Adjusted
earnings per share(1) attributable to Century
stockholders |
$ |
0.49 |
$ |
0.63 |
|
|
$ |
1.11 |
$ |
0.33 |
|
|
Adjusted EBITDA(1) attributable to Century stockholders |
$ |
82.4 |
$ |
103.7 |
|
|
$ |
245.2 |
$ |
120.0 |
|
| |
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP
financial measures. |
|
|
In the fourth quarter of 2024, shipments of primary aluminum
decreased 1% sequentially. Net sales for the fourth quarter
of 2024 increased by 17% sequentially primarily due to higher
third-party alumina sales, higher aluminum price, and increased
regional premiums.
Century reported net income attributable to Century stockholders
of $47.7 million for the fourth quarter of 2024, a
$0.4 million improvement sequentially primarily attributed to
a nonrecurring benefit from a force majeure settlement, recovery
from Hurricane Beryl, and improved realized metal prices and
regional premiums offset by the one-time IRA 45X adjustment for
final regulations published in the third quarter. Fourth quarter
results were impacted by $0.7 million of net exceptional items, in
particular $5.8 million of unrealized losses on forward derivative
contracts (net of tax), more than offset by $5.3 million in
share-based compensation costs and $2.0 million of lower cost or
net realizable value inventory adjustment (net of tax). Thus,
Century reported an adjusted net income of $45.9 million for the
fourth quarter of 2024, a $14.1 million change
sequentially.
Adjusted EBITDA attributable to Century stockholders for the
fourth quarter of 2024 was $82.4 million. This was a sequential
decrease of $21.3 million due to updated U.S. Treasury
guidance allowing a one-time Section 45X true up in the third
quarter. Normalizing for the one-time Section 45X true up, Adjusted
EBITDA improved primarily driven by favorable realized LME and
regional price premiums and a nonrecurring benefit from a force
majeure settlement, partially offset by additional operating
expenses and higher raw materials costs.
Century's liquidity position at December 31, 2024, comprised of
cash and cash equivalents of $32.9 million and $211.6 million in
combined borrowing availability, was $244.5 million.
For the full year 2024, shipments of primary aluminum decreased
by 3% sequentially. Net sales for the full year 2024 increased by
$34.9 million sequentially, primarily due to higher realized
aluminum prices.
Century reported net income attributable to Century stockholders
of $339.4 million for the full year 2024, a $382.5 million
improvement from the full year 2023. Full year 2024 results were
impacted by $217.5 million of exceptional items, in particular
recognition of the bargain purchase gain from the Jamalco
acquisition of $245.9 million, $5.5 million of net losses on
forward derivative contracts (net of tax), $6.4 million lower of
cost or net realizable value inventory adjustment (net of tax),
partially offset by $15.5 million in share-based compensation
costs, $4.7 million related to the power equipment failure at
Jamalco and $6.9 million related to the hurricane impact at
Jamalco. Thus, Century reported an adjusted net income of $104.0
million, a $73.3 million improvement from the full year 2023.
Adjusted EBITDA attributable to Century stockholders for the
full year 2024 was $245.2 million, an increase of $125.2 million
compared to the prior year, primarily driven by higher metal prices
and lower input costs partially offset by lower regional premiums,
lower value-added product mix and increased operating expenses.
First Quarter 2025 Outlook
The company expects first quarter Adjusted EBITDA to range
between $75 to $85 million based on improved metal pricing
and regional premiums offset by higher energy and raw material
costs.
About Century Aluminum Company
Century Aluminum Company owns primary aluminum capacity in the
United States and Iceland. Century's corporate offices are
located in Chicago, IL. 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.
Forward-Looking Statements
Forward-looking statements in this press release and statements
made by Century Aluminum Company management on the quarterly
conference call, 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 prices of our key raw
materials and supply and availability of those key raw materials,
including alumina, coke, pitch and aluminum fluoride; Our
assessment of power prices and availability, including any
potential curtailments or other disruptions in the supply of power;
The impact of the wars in Ukraine and in the Middle East, including
any sanctions and export controls targeting Russia and businesses
or individuals tied to Russia; 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 any restart of
curtailed production at Mt. Holly including the timing, costs and
benefits associated with restarting curtailed production; Our plans
with regards to the future of our Hawesville smelter; Our plans and
expectations with regards to the Grundartangi casthouse project,
including our expectations as to the timing, costs and benefits
associated with the Grundartangi casthouse project; Our ability to
successfully obtain and/or retain competitive power arrangements
for our operations, including securing necessary power arrangement
for the greenfield project; The impact of Section 232 and 301 trade
actions, 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, 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 expectations regarding
the availability of the $500 million DOE grant to our greenfield
smelter project, including our ability to negotiate favorable terms
and conditions related to such grant, as well as our ability to
raise additional capital through additional grants, incentives,
subsidized loans and other debt and equity funding to support
construction of a new aluminum smelter and our ability to
successfully complete our greenfield smelter project; 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 and expected 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; 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.
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
(in millions, except per share amounts) |
|
(Unaudited) |
| |
Three months ended |
| |
December 31, |
|
September 30, |
|
December 31, |
| |
2024 |
|
2024 |
|
2023 |
| NET SALES: |
|
|
|
|
|
|
Related parties |
$ |
340.9 |
|
|
$ |
332.1 |
|
|
$ |
371.8 |
|
|
Other customers |
|
290.1 |
|
|
|
207.0 |
|
|
|
140.5 |
|
| Total net sales |
|
631.0 |
|
|
|
539.1 |
|
|
|
512.3 |
|
|
Cost of goods sold (1) |
|
563.2 |
|
|
|
457.3 |
|
|
|
472.9 |
|
| Gross profit |
|
67.8 |
|
|
|
81.8 |
|
|
|
39.4 |
|
|
Selling, general and administrative expenses |
|
14.8 |
|
|
|
15.6 |
|
|
|
8.1 |
|
|
Other operating expense (income) - net |
|
2.2 |
|
|
|
2.4 |
|
|
|
2.1 |
|
| Operating income |
|
50.8 |
|
|
|
63.8 |
|
|
|
29.2 |
|
|
Interest expense - affiliates |
|
(1.6 |
) |
|
|
— |
|
|
|
(1.5 |
) |
|
Interest expense |
|
(10.1 |
) |
|
|
(11.9 |
) |
|
|
(7.4 |
) |
|
Interest income |
|
0.3 |
|
|
|
0.4 |
|
|
|
0.9 |
|
|
Net gain (loss) on forward and derivative contracts |
|
2.7 |
|
|
|
(2.8 |
) |
|
|
17.9 |
|
|
Net gain (loss) on forward and derivative contracts -
affiliates |
|
(0.1 |
) |
|
|
(1.2 |
) |
|
|
(6.0 |
) |
|
Other (expense) income - net |
|
1.1 |
|
|
|
(4.0 |
) |
|
|
(0.8 |
) |
| Income before income
taxes |
|
43.1 |
|
|
|
44.3 |
|
|
|
32.3 |
|
|
Income tax expense |
|
(0.2 |
) |
|
|
(2.0 |
) |
|
|
(6.6 |
) |
| Income before equity in
earnings of joint ventures |
|
42.9 |
|
|
|
42.3 |
|
|
|
25.7 |
|
|
Equity in losses of joint ventures |
|
— |
|
|
|
(0.0 |
) |
|
|
(0.1 |
) |
| Net income |
|
42.9 |
|
|
|
42.3 |
|
|
|
25.6 |
|
|
Net loss attributable to noncontrolling interests |
|
(4.8 |
) |
|
|
(5.0 |
) |
|
|
(4.4 |
) |
| Net income attributable to
Century stockholders |
|
47.7 |
|
|
|
47.3 |
|
|
|
30.0 |
|
| Less: net income allocated to
participating securities |
|
2.5 |
|
|
|
2.5 |
|
|
|
1.6 |
|
| Net income allocated to common
stockholders |
$ |
45.2 |
|
|
$ |
44.8 |
|
|
$ |
28.4 |
|
| (1) Including purchases from related party of
$75.8, $63.9 and $7.0 for the three months ended December 31, 2024,
September 30, 2024 and December 31, 2023, respectively. |
| INCOME
ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: |
|
Basic |
$ |
0.49 |
|
|
$ |
0.48 |
|
|
$ |
0.31 |
|
|
Diluted |
$ |
0.47 |
|
|
$ |
0.46 |
|
|
$ |
0.30 |
|
| WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
|
Basic |
|
93.0 |
|
|
|
92.8 |
|
|
|
92.5 |
|
|
Diluted |
|
98.7 |
|
|
|
98.4 |
|
|
|
103.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CENTURY
ALUMINUM COMPANY |
| CONSOLIDATED
STATEMENTS OF OPERATIONS |
| (in millions, except
per share amounts) |
| (Unaudited) |
| |
Twelve months ended |
| |
December
31, |
|
December 31, |
| |
2024 |
|
2023 |
| NET SALES: |
|
|
|
|
Related parties |
$ |
1,312.1 |
|
|
$ |
1,612.1 |
|
|
Other customers |
|
908.2 |
|
|
|
573.3 |
|
| Total net sales |
|
2,220.3 |
|
|
|
2,185.4 |
|
|
Cost of goods sold (1) |
|
2,033.9 |
|
|
|
2,093.5 |
|
| Gross profit |
|
186.4 |
|
|
|
91.9 |
|
|
Selling, general and administrative expenses |
|
56.8 |
|
|
|
44.3 |
|
|
Other operating expense - net |
|
6.8 |
|
|
|
15.8 |
|
| Operating income (loss) |
|
122.8 |
|
|
|
31.8 |
|
|
Interest expense - affiliates |
|
(6.7 |
) |
|
|
(1.8 |
) |
|
Interest expense |
|
(36.4 |
) |
|
|
(33.7 |
) |
|
Interest income |
|
2.1 |
|
|
|
2.0 |
|
|
Net (loss) gain on forward and derivative contracts |
|
(1.6 |
) |
|
|
(62.4 |
) |
|
Net gain (loss) on forward and derivative contracts -
affiliates |
|
3.6 |
|
|
|
0.6 |
|
|
Bargain purchase gain |
|
245.9 |
|
|
|
— |
|
|
Other (loss) income - net |
|
(3.3 |
) |
|
|
(3.3 |
) |
| Income (loss) before income
taxes |
|
326.4 |
|
|
|
(66.8 |
) |
|
Income tax (expense) benefit |
|
(3.2 |
) |
|
|
14.6 |
|
| Income (loss) before equity in
earnings of joint ventures |
|
323.2 |
|
|
|
(52.2 |
) |
|
Equity in losses of joint ventures |
|
— |
|
|
|
(0.1 |
) |
| Net Income (loss) |
|
323.2 |
|
|
|
(52.3 |
) |
|
Net loss attributable to noncontrolling interests |
|
(16.2 |
) |
|
|
(9.2 |
) |
| Net income (loss) attributable
to Century stockholders |
|
339.4 |
|
|
|
(43.1 |
) |
| Less: net income allocated to
participating securities |
|
17.9 |
|
|
|
— |
|
| Net income (loss) allocated to
common stockholders |
$ |
321.5 |
|
|
$ |
(43.1 |
) |
| (1) Including purchases from related party of
$254.8 and $181.4 for the years ended December 31, 2024 and 2023,
respectively. |
| INCOME (LOSS)
ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: |
|
Basic |
$ |
3.46 |
|
|
$ |
(0.47 |
) |
|
Diluted |
$ |
3.29 |
|
|
$ |
(0.47 |
) |
| WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
Basic |
|
92.8 |
|
|
|
92.4 |
|
|
Diluted |
|
98.4 |
|
|
|
92.4 |
|
|
|
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED BALANCE SHEETS |
|
(in millions, except per share amounts) |
|
(Unaudited) |
| |
December 31, |
| |
2024 |
|
2023 |
|
ASSETS |
|
|
|
|
Cash and cash equivalents |
$ |
32.9 |
|
|
$ |
88.8 |
|
| Restricted cash |
|
2.8 |
|
|
|
1.5 |
|
| Accounts receivable - net |
|
75.8 |
|
|
|
53.7 |
|
| Non-trade receivables |
|
13.2 |
|
|
|
36.2 |
|
| Due from affiliates |
|
25.1 |
|
|
|
20.2 |
|
| Manufacturing credit
receivable |
|
81.5 |
|
|
|
59.3 |
|
| Inventories |
|
539.0 |
|
|
|
477.0 |
|
| Derivative assets |
|
4.2 |
|
|
|
2.9 |
|
| Prepaid and other current
assets |
|
28.3 |
|
|
|
27.5 |
|
|
Total current assets |
|
802.8 |
|
|
|
767.1 |
|
| Property, plant and equipment -
net |
|
978.3 |
|
|
|
1,004.2 |
|
| Manufacturing credit
receivable - less current portion |
|
70.4 |
|
|
|
— |
|
| Other assets |
|
87.9 |
|
|
|
75.2 |
|
|
TOTAL |
$ |
1,939.4 |
|
|
$ |
1,846.5 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
| Accounts payable, trade |
$ |
187.3 |
|
|
$ |
249.5 |
|
| Accrued compensation and benefits |
|
49.8 |
|
|
|
38.1 |
|
| Due to affiliates |
|
109.3 |
|
|
|
101.4 |
|
| Accrued and other current
liabilities |
|
41.9 |
|
|
|
50.9 |
|
| Derivative liabilities |
|
4.4 |
|
|
|
1.4 |
|
| Deferred credit - preliminary
bargain purchase gain |
|
— |
|
|
|
273.4 |
|
| Current debt due to
affiliates |
|
— |
|
|
|
10.0 |
|
| Current maturities of long-term
debt |
|
70.9 |
|
|
|
38.3 |
|
|
Total current liabilities |
|
463.6 |
|
|
|
763.0 |
|
| Long-term debt |
|
447.3 |
|
|
|
430.9 |
|
| Long-term debt due to
affiliates |
|
10.0 |
|
|
|
— |
|
| Accrued benefits costs - less
current portion |
|
115.2 |
|
|
|
120.3 |
|
| Other liabilities |
|
92.6 |
|
|
|
66.3 |
|
| Deferred taxes |
|
71.2 |
|
|
|
72.4 |
|
| Asset retirement obligations -
less current portion |
|
61.5 |
|
|
|
49.5 |
|
|
Total noncurrent liabilities |
|
797.8 |
|
|
|
739.4 |
|
| |
|
|
|
| SHAREHOLDERS’
EQUITY: |
|
|
|
| Series A Preferred stock (one
cent par value, 5,000,000 shares authorized; 49,715 issued
and outstanding at December 31, 2024; 160,000 issued and
52,284 outstanding at December 31, 2023) |
|
0.0 |
|
|
|
0.0 |
|
| Common stock (one cent par value,
195,000,000 authorized; 100,475,086 issued and 93,288,565
outstanding at December 31, 2024; 99,876,385 issued and
92,689,864 outstanding at December 31, 2023) |
|
1.0 |
|
|
|
1.0 |
|
| Additional paid-in capital |
|
2,550.2 |
|
|
|
2,542.9 |
|
| Treasury stock, at cost |
|
(86.3 |
) |
|
|
(86.3 |
) |
| Accumulated other comprehensive
loss |
|
(90.6 |
) |
|
|
(97.9 |
) |
| Accumulated deficit |
|
(1,664.6 |
) |
|
|
(2,004.1 |
) |
|
Total Century shareholders’ equity |
|
709.7 |
|
|
|
355.6 |
|
| Noncontrolling interest |
|
(31.7 |
) |
|
|
(11.5 |
) |
|
Total equity |
|
678.0 |
|
|
|
344.1 |
|
|
TOTAL |
$ |
1,939.4 |
|
|
$ |
1,846.5 |
|
| |
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|
(in millions) |
|
(Unaudited) |
| |
Twelve months ended December 31, |
| |
2024 |
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
Net income (loss) |
$ |
323.2 |
|
|
$ |
(52.3 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
Lower of cost or NRV inventory adjustment |
|
2.3 |
|
|
|
— |
|
|
Unrealized loss (gain) on derivative instruments |
|
(5.0 |
) |
|
|
87.1 |
|
|
Depreciation, depletion and amortization |
|
81.8 |
|
|
|
74.7 |
|
|
Change in deferred tax (benefit) provision |
|
(1.3 |
) |
|
|
(30.8 |
) |
|
Gain on sale of assets |
|
(2.3 |
) |
|
|
— |
|
|
Bargain purchase gain |
|
(245.9 |
) |
|
|
— |
|
|
Other non-cash items - net |
|
6.6 |
|
|
|
3.4 |
|
|
Change in operating assets and liabilities, net of
acquisition: |
|
|
|
|
|
|
|
|
Accounts receivable - net |
|
(29.5 |
) |
|
|
36.9 |
|
|
Non-trade receivables |
|
31.5 |
|
|
|
4.1 |
|
|
Manufacturing credit receivable |
|
(92.6 |
) |
|
|
(59.3 |
) |
|
Due from affiliates |
|
(4.9 |
) |
|
|
(15.5 |
) |
|
Inventories |
|
(64.3 |
) |
|
|
25.8 |
|
|
Prepaid and other current assets |
|
1.0 |
|
|
|
2.9 |
|
|
Accounts payable, trade |
|
(20.3 |
) |
|
|
(19.4 |
) |
|
Due to affiliates |
|
26.1 |
|
|
|
51.7 |
|
|
Accrued and other current liabilities |
|
(1.2 |
) |
|
|
— |
|
|
Force majeure settlement |
|
(12.3 |
) |
|
|
— |
|
|
Ravenswood retiree legal settlement |
|
(2.0 |
) |
|
|
(2.0 |
) |
|
PBGC settlement |
|
(0.3 |
) |
|
|
(4.5 |
) |
|
Other - net |
|
(15.2 |
) |
|
|
2.8 |
|
|
Net cash (used in) provided by operating activities |
|
(24.6 |
) |
|
|
105.6 |
|
| CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Purchase of property, plant and equipment |
|
(82.3 |
) |
|
|
(95.0 |
) |
|
Proceeds from co-tenancy assets at Jamalco JV |
|
12.7 |
|
|
|
0.0 |
|
|
Proceeds from sale of property, plant and equipment |
|
2.3 |
|
|
|
25.7 |
|
|
Acquisition of subsidiary net of cash acquired |
|
— |
|
|
|
11.5 |
|
|
Net cash used in investing activities |
|
(67.3 |
) |
|
|
(57.8 |
) |
| CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Borrowings under revolving credit facilities |
|
735.4 |
|
|
|
656.9 |
|
|
Repayments under revolving credit facilities |
|
(705.1 |
) |
|
|
(758.2 |
) |
|
Borrowings under Grundartangi casthouse debt facility |
|
25.0 |
|
|
|
55.0 |
|
|
Repayments on casthouse facility |
|
(6.8 |
) |
|
|
— |
|
|
Repayments under Iceland term facility |
|
(1.2 |
) |
|
|
(13.5 |
) |
|
Borrowings under Vlissingen facility agreement |
|
— |
|
|
|
10.0 |
|
|
Carbon credit proceeds |
|
— |
|
|
|
36.8 |
|
|
Carbon credit repayments |
|
(10.0 |
) |
|
|
— |
|
|
Net cash provided by (used in) financing activities |
|
37.3 |
|
|
|
(13.0 |
) |
| CHANGE IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH |
|
(54.6 |
) |
|
|
34.8 |
|
| Cash, cash equivalents and
restricted cash, beginning of year |
|
90.3 |
|
|
|
55.5 |
|
| Cash, cash equivalents and
restricted cash, end of year |
$ |
35.7 |
|
|
$ |
90.3 |
|
| |
|
|
|
|
|
|
|
|
CENTURY ALUMINUM COMPANY |
|
SELECTED OPERATING DATA |
|
(in millions, except shipments) |
|
(Unaudited) |
| |
|
|
|
|
| SHIPMENTS
- PRIMARY ALUMINUM(1) |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
United States |
|
Iceland |
|
Total |
| |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter |
|
89,613 |
|
$ |
267.4 |
|
77,064 |
|
$ |
215.2 |
|
166,677 |
|
$ |
482.6 |
| 3rd Quarter |
|
97,173 |
|
$ |
282.6 |
|
71,582 |
|
$ |
202.8 |
|
168,755 |
|
$ |
485.4 |
| 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 |
| Full Year 2024 |
|
378,193 |
|
$ |
1,074.6 |
|
299,774 |
|
$ |
793.3 |
|
677,967 |
|
$ |
1,867.9 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Full Year 2023 |
|
389,331 |
|
$ |
1,139.0 |
|
311,349 |
|
$ |
827.0 |
|
700,680 |
|
$ |
1,966.0 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes: |
|
(1) Excludes scrap aluminum sales, purchased aluminum and alumina
sales. |
| |
|
CENTURY ALUMINUM COMPANY |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
(in millions, except per share amounts) |
|
(Unaudited) |
| |
| |
Three months ended |
| |
December 31, 2024 |
|
September 30, 2024 |
| |
$MM |
|
EPS |
|
$MM |
|
EPS |
|
Net income attributable to Century
stockholders |
$ |
47.7 |
|
|
$ |
0.51 |
|
|
$ |
47.3 |
|
$ |
0.51 |
|
Less: net income allocated to participating securities |
|
2.5 |
|
|
|
0.03 |
|
|
|
2.5 |
|
|
0.03 |
|
Net income allocated to common stockholders |
|
45.2 |
|
|
|
0.48 |
|
|
|
44.8 |
|
|
0.48 |
|
Lower of cost or NRV inventory adjustment, net of tax |
|
2.0 |
|
|
|
0.02 |
|
|
|
— |
|
|
— |
|
Unrealized loss on derivative contracts, net of tax |
|
(5.8 |
) |
|
|
(0.06 |
) |
|
|
1.9 |
|
|
0.02 |
|
Share-based compensation |
|
5.3 |
|
|
|
0.06 |
|
|
|
3.2 |
|
|
0.03 |
|
Jamalco hurricane impact(1) |
|
— |
|
|
|
— |
|
|
|
6.9 |
|
|
0.07 |
|
Impact of preferred and convertible shares |
|
(0.8 |
) |
|
|
(0.01 |
) |
|
|
3.2 |
|
|
0.03 |
| Adjusted net income
(loss) attributable to Century stockholders |
$ |
45.9 |
|
|
$ |
0.49 |
|
|
$ |
60.0 |
|
$ |
0.63 |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1)This amount
includes Century's 55% share of incremental costs incurred due to
the impact of Hurricane Beryl at Jamalco. These costs include
repair costs of the damaged port, costs of alternative shipping
arrangements and fixed costs incurred while alumina production was
impeded. |
| |
Three months ended |
| |
December 31, 2024 |
|
September 30, 2024 |
|
Net income attributable to Century stockholders, as
reported |
$ |
47.7 |
|
|
$ |
47.3 |
|
| Add: Net loss attributable to
noncontrolling interests |
|
(4.8 |
) |
|
|
(5.0 |
) |
| Net
income |
|
42.9 |
|
|
|
42.3 |
|
|
Interest expense - affiliates |
|
1.6 |
|
|
|
— |
|
|
Interest expense |
|
10.1 |
|
|
|
11.9 |
|
|
Interest income |
|
(0.3 |
) |
|
|
(0.4 |
) |
|
Net (gain) loss on forward and derivative contracts |
|
(2.6 |
) |
|
|
4.0 |
|
|
Other expense (income) - net |
|
(1.1 |
) |
|
|
4.0 |
|
|
Income tax expense |
|
0.2 |
|
|
|
2.0 |
|
| Operating
income |
|
50.8 |
|
|
|
63.8 |
|
|
Lower of cost or NRV inventory adjustment |
|
2.4 |
|
|
|
— |
|
|
Share-based compensation |
|
5.3 |
|
|
|
3.2 |
|
|
Jamalco hurricane impact (2) |
|
— |
|
|
|
12.6 |
|
|
Depreciation, depletion and amortization |
|
19.1 |
|
|
|
24.8 |
|
| Adjusted
EBITDA |
|
77.6 |
|
|
|
104.4 |
|
| Less: Adjusted EBITDA
attributable to noncontrolling interests |
|
(4.8 |
) |
|
|
0.7 |
|
| Adjusted EBITDA
attributable to Century stockholders |
$ |
82.4 |
|
|
$ |
103.7 |
|
| |
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
| (2) This amount
includes Century's 100% share of incremental costs incurred due to
the impact of Hurricane Beryl at Jamalco. These costs include
repair costs of the damaged port, costs of alternative shipping
arrangements and fixed costs incurred while alumina production was
impeded. |
| |
| |
Twelve months ended |
| |
December 31, 2024 |
|
December 31, 2023 |
| |
$MM |
|
EPS |
|
$MM |
|
EPS |
|
Net income (loss) attributable to Century
stockholders |
$ |
339.4 |
|
|
$ |
3.66 |
|
|
$ |
(43.1 |
) |
|
$ |
(0.47 |
) |
|
Less: net income allocated to participating securities |
|
17.9 |
|
|
|
0.20 |
|
|
|
— |
|
|
|
— |
|
|
Net income (loss) allocated to common stockholders |
|
321.5 |
|
|
|
3.46 |
|
|
|
(43.1 |
) |
|
|
(0.47 |
) |
|
Lower of cost or NRV inventory adjustment, net of tax |
|
(6.4 |
) |
|
|
(0.07 |
) |
|
|
(26.2 |
) |
|
|
(0.28 |
) |
|
Unrealized (gain) loss on derivative contracts, net of tax |
|
(5.5 |
) |
|
|
(0.06 |
) |
|
|
68.3 |
|
|
|
0.74 |
|
|
Bargain purchase gain |
|
(245.9 |
) |
|
|
(2.65 |
) |
|
|
— |
|
|
|
— |
|
|
Jamalco hurricane impact (1) |
|
6.9 |
|
|
|
0.07 |
|
|
|
— |
|
|
|
— |
|
|
Hawesville curtailment costs |
|
— |
|
|
|
— |
|
|
|
9.0 |
|
|
|
0.10 |
|
|
Share-based compensation |
|
15.5 |
|
|
|
0.17 |
|
|
|
6.6 |
|
|
|
0.07 |
|
|
Santee Cooper settlement |
|
— |
|
|
|
— |
|
|
|
(2.5 |
) |
|
|
(0.03 |
) |
|
Jamalco acquisition costs |
|
— |
|
|
|
— |
|
|
|
1.5 |
|
|
|
0.02 |
|
|
Jamalco equipment failure |
|
4.7 |
|
|
|
0.05 |
|
|
|
16.7 |
|
|
|
0.18 |
|
|
Impact of preferred and convertible shares |
|
13.2 |
|
|
|
0.14 |
|
|
|
0.4 |
|
|
|
— |
|
| Adjusted net income
attributable to Century stockholders |
$ |
104.0 |
|
|
$ |
1.11 |
|
|
$ |
30.7 |
|
|
$ |
0.33 |
|
| |
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
| (1) This amount
includes Century's 55% share of incremental costs incurred due to
the impact of Hurricane Beryl at Jamalco. These costs include
repair costs of the damaged port, costs of alternative shipping
arrangements and fixed costs incurred while alumina production was
impeded. |
| |
| |
Twelve months ended |
|
|
December 31, 2024 |
|
December 31, 2023 |
|
Net income (loss) attributable to Century stockholders, as
reported |
$ |
339.4 |
|
|
$ |
(43.1 |
) |
| Add: Net loss attributable to
noncontrolling interests |
|
(16.2 |
) |
|
|
(9.2 |
) |
| Net income
(loss) |
|
323.2 |
|
|
|
(52.3 |
) |
|
Interest expense - affiliates |
|
6.7 |
|
|
|
1.8 |
|
|
Interest expense |
|
36.4 |
|
|
|
33.7 |
|
|
Interest income |
|
(2.1 |
) |
|
|
(2.0 |
) |
|
Net (gain) loss on forward and derivative contracts |
|
(2.0 |
) |
|
|
61.8 |
|
|
Bargain purchase gain |
|
(245.9 |
) |
|
|
— |
|
|
Other expense (income) - net |
|
3.3 |
|
|
|
3.3 |
|
|
Income tax expense (benefit) |
|
3.2 |
|
|
|
(14.6 |
) |
|
Equity in losses of joint ventures |
|
— |
|
|
|
0.1 |
|
| Operating
income |
|
122.8 |
|
|
|
31.8 |
|
|
Lower of cost or NRV inventory adjustment |
|
(6.4 |
) |
|
|
(30.9 |
) |
|
Hawesville curtailment costs |
|
— |
|
|
|
9.0 |
|
|
Share-based compensation |
|
15.5 |
|
|
|
6.6 |
|
|
Santee Cooper settlement |
|
— |
|
|
|
(2.5 |
) |
|
Jamalco acquisition costs |
|
— |
|
|
|
1.5 |
|
|
Jamalco equipment failure |
|
8.5 |
|
|
|
30.4 |
|
|
Depreciation, depletion and amortization |
|
87.7 |
|
|
|
81.6 |
|
| Adjusted
EBITDA |
|
240.7 |
|
|
|
127.5 |
|
| Less: Adjusted EBITDA
attributable to noncontrolling interests |
|
(4.5 |
) |
|
|
7.5 |
|
| Adjusted EBITDA
attributable to Century stockholders |
$ |
245.2 |
|
|
$ |
120.0 |
|
| |
|
|
|
|
|
|
|
INVESTOR CONTACTRyan Crawford312-696-3132
MEDIA CONTACTTawn Earnest614-698-6351
Source: Century Aluminum Company
Century Aluminum (NASDAQ:CENX)
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Century Aluminum (NASDAQ:CENX)
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From Mar 2024 to Mar 2025
