Century Aluminum Company Reports First Quarter 2021 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, May 05, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2021 results. First Quarter 2021 Financial Results Shipments of 195,697 tonnesNet sales of $444.0 millionNet loss of $(140.0) million, or $(1.55) per shareAdjusted net loss(1) of $(52.5) million, or $(0.54) per shareAdjusted EBITDA(1) of $(19.7) million primarily due to higher power prices as a result of the extraordinarily cold temperatures in the U.S. Midwest and South during February 2021 $MM (except shipments and per share data) Q4 2020 Q1 2021Shipments (tonnes) 194,940 195,697 Net sales $389.1 $444.0 Net income (loss) $(35.5) $(140.0) Diluted earnings (loss) per share $(0.40) $(1.55) Adjusted net income (loss)(1) $(30.6) $(52.5) Adjusted earnings (loss) per share(1) $(0.32) $(0.54) Adjusted EBITDA(1) $0.8 $(19.7) Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures Shipments of primary aluminum for the quarter ended March 31, 2021 remained flat compared to the quarter ended December 31, 2020. Net sales for the first quarter of 2021 increased by 14 percent sequentially due to higher aluminum prices and regional premiums. Century reported a net loss of $(140.0) million for the first quarter of 2021, a $104.5 million increase in net loss sequentially. First quarter results were negatively impacted by $87.4 million of exceptional items, in particular $92.7 million of unrealized losses on forward derivative contracts (net of tax). Thus, Century reported an adjusted net loss of $(52.5) million for the first quarter of 2021, a $21.9 million increase in adjusted net loss sequentially. Adjusted EBITDA for the first quarter of 2021 was $(19.7) million, a decrease of $20.5 million from the prior quarter primarily driven by higher power prices as a result of extraordinarily cold temperatures in the U.S. Midwest and South during February 2021. Century's cash position at quarter end was $26.3 million and availability under our revolving credit facilities was $63.8 million. Quarterly cash flow was negatively impacted as a result of the initial spend for the restart at our Mt. Holly facility, our normal semi-annual debt interest payment, and changes in working capital. “We are making solid progress on the enhancements to our safety systems and processes, including robust training in safety lea...

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