Century Aluminum Company Reports First Quarter 2023 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, May 08, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2023 results. Business Highlights Realized LME aluminum price of $2,350/T in first quarter is up $42/T from prior quarterKentucky energy costs down $30/MWh, 47% improvement from Q4Strong total liquidity of $241.0 million as of March 31, 2023All operating smelters producing at targeted utilization levelsAcquired 55% interest in Jamalco, a bauxite mining and alumina refining operation First Quarter 2023 Financial Results $MM (except shipments and per share data) Q4 2022 Q1 2023Shipments (tonnes) 169,471 181,165 Net sales $529.9 $552.4 Net loss $(113.5) $(38.6)Diluted loss per share $(1.24) $(0.42)Adjusted net loss(1) $(31.3) $(11.3)Adjusted loss per share(1) $(0.31) $(0.11)Adjusted EBITDA(1) $(12.4) $24.1 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Net sales for the first quarter ended March 31, 2023 increased by 4 percent sequentially primarily due to higher realized aluminum prices. Century reported a net loss of $(38.6) million for the first quarter of 2023, a $74.9 million improvement sequentially. First quarter results were impacted by $27.3 million of net exceptional items, in particular $47.8 million of unrealized losses on derivative instruments, $5.4 million in curtailment costs related to the Hawesville plant, and $2.2 million in share-based compensation costs, partially offset by $(25.6) million lower of cost or net realizable value adjustment, net of tax, and a $(2.5) million litigation settlement. Thus, Century reported an adjusted net loss of $(11.3) million for the first quarter of 2023, a $20.0 million improvement sequentially. Adjusted EBITDA for the first quarter of 2023 was $24.1 million. This was an improvement of $36.5 million from the prior quarter, primarily driven by lower energy and raw material costs, partially offset by unfavorable sales mix. Century's liquidity position at quarter end was $241.0 million, a decrease of $4.0 million from the prior quarter. “Market conditions strengthened in the first quarter, driving a significant improvement in our financial results,” commented President and Chief Executive Officer Jesse Gary. “U.S. energy prices continued to moderate, with Kentucky power prices falling roughly 50% from fourth quarter levels. Mean...

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