Century Aluminum Company Reports First Quarter 2020 Results

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[{"type":"text","content":"CHICAGO, April 30, 2020 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2020 results.\n First Quarter 2020 Financial Results • Shipments of 202,905 tonnes• Net sales of $421.2 million, a 3% decrease over prior quarter due to lower regional premiums• Net loss of $(2.7) million, or $(0.03) per share• Adjusted net income(1) of $1.0 million, or $0.01 per share• Adjusted EBITDA(1) of $28.1 million $MM (except shipments and per share data) Q4 2019 Q1 2020 Shipments (tonnes) 202,870 202,905 Net sales $435.5 $421.2 Net income (loss) $(4.8) $(2.7) Diluted earnings (loss) per share $(0.05) $(0.03) Adjusted net income (loss)(1) $(9.0) $1.0 Adjusted earnings (loss) per share(1) $(0.09) $0.01 Adjusted EBITDA(1) $13.3 $28.1 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures In the first quarter of 2020, shipments of primary aluminum were 202,905 tonnes compared with 202,870 tonnes shipped in the fourth quarter of 2019. Net sales for the first quarter of 2020 were $421.2 million compared with $435.5 million for the fourth quarter of 2019, reflecting a 3% decrease over prior quarter due to lower regional premiums. Century reported a net loss of $(2.7) million for the first quarter of 2020 and $1.0 million net income on an adjusted basis. First quarter results were negatively impacted by $3.7 million of non-cash exceptional items, including a $12.1 million lower of cost or net realizable value inventory adjustment (net of tax), offset by $8.3 million of unrealized gains on forward derivative contracts. This result compares to a net loss of $(4.8) million for the fourth quarter of 2019, or $(9.0) million on an adjusted basis. Adjusted EBITDA for the first quarter of 2020 was $28.1 million, an increase of $14.8 million sequentially driven by favorable raw material prices, partially offset by falling regional premiums. Century's cash position at quarter end was $147.6 million and revolver availability was $55.5 million. “It is with great sadness that we report the loss of a colleague in a workplace incident in the anode production facility at Sebree on April 8th,” commented Michael Bless, President and CEO. “This loss of life has profoundly impacted our entire community, and has caused us to rededicate ourselves to our most critical responsibility to return each of ou...

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