Century Aluminum Company Reports First Quarter 2024 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, May 01, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2024 results. Business Highlights Net sales of $489.5 millionRealized LME aluminum price of $2,190/T in first quarter is up $8/T from prior quarterReported net income attributable to Century stockholders of $246.8 million and adjusted EBITDA attributable to Century stockholders of $25.0 million1Cash and cash equivalents of $93.5 million and strong liquidity of $302.0 million as of March 31, 2024Selected by U.S. Department of Energy to receive $500.0 million investment to build a new green aluminum smelterAnnounced joint venture with MX Holdings to explore new low carbon secondary billet casthouse First Quarter 2024 Financial Results $MM (except shipments and per share data) Q1 2024Q4 2023 Aluminum shipments (tonnes) 174,627 173,871 Net sales $489.5 $512.3 Net income attributable to Century stockholders $246.8 $30.0 Diluted earnings per share attributable to Century stockholders $2.26 $0.30 Adjusted net (loss) income attributable to Century stockholders(1) $(3.0)$40.0 Adjusted (loss) earnings per share attributable to Century stockholders(1) $(0.03)$0.39 Adjusted EBITDA attributable to Century stockholders(1) $25.0 $57.1 Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Net sales for the first quarter ended March 31, 2024 decreased by $22.8 million sequentially primarily due to lower regional and value-added product premiums. Century reported net income attributable to Century stockholders of $246.8 million for the first quarter of 2024, a $216.8 million increase sequentially. First quarter results were impacted by $247.4 million of net exceptional items, in particular, recognition of the bargain purchase gain from the Jamalco acquisition of $245.9 million, $6.4 million lower of cost or net realizable value adjustment, net of tax, $3.3 million of unrealized gain on derivative instruments, net of tax, partially offset by $4.7 million in Jamalco equipment failure costs and $3.5 million in share-based compensation costs. Therefore, Century reported an adjusted net loss of $3.0 million for the first quarter of 2024, a $43.0 million change sequentially. Adjusted EBITDA attributable to Century stockholders for the first quarter of 2024 was $25.0 million. This was a decrease of $32.1 mi...

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