Century Aluminum Company Reports Fourth Quarter 2021 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Feb. 24, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2021 results. 2021 Business Highlights Realized LME aluminum price of $2,605/T in fourth quarter is up $230/T from prior quarterRealized regional premiums of $720/T and $340/T for U.S. Midwest and EU Duty Paid, respectively. These were up $50/T and $95/T from prior quarter, respectivelyStarted construction of expansion project into low-carbon billet production for our Grundartangi, Iceland smelter. Project is fully financed and will provide 150,000 tonnes of new green Natur-Al™ billets to serve European marketsRestart at our Mt. Holly and Hawesville facilities mostly completeRefinanced debt extending maturities to 2028 Fourth Quarter 2021 Financial Results $MM (except shipments and per share data) Q3 2021 Q4 2021Shipments (tonnes) 196,095 200,961Net sales $581.4 $659.1Net income (loss) $(52.4) $60.4Diluted earnings (loss) per share $(0.58) $0.59Adjusted net income (loss)(1) $(5.7) $17.2Adjusted earnings (loss) per share(1) $(0.06) $0.17Adjusted EBITDA(1) $70.3 $82.2 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. In the fourth quarter of 2021, shipments of primary aluminum increased by 2 percent sequentially. Net sales for the fourth quarter of 2021 increased by 13 percent sequentially, due to higher shipment volume and higher aluminum prices. Century reported net income of $60.4 million for the fourth quarter of 2021, a $112.8 million improvement sequentially primarily due to higher shipment volume and higher aluminum prices. Fourth quarter results were positively impacted by $43.9 million of exceptional items, in particular $53.8 million of unrealized gains on forward derivative contracts (net of tax), partially offset by $9.9 million in share-based compensation costs. Thus, Century reported adjusted net income of $17.2 million for the fourth quarter of 2021, an $22.9 million improvement sequentially. Adjusted EBITDA for the fourth quarter of 2021 was $82.2 million, an increase of $11.9 million from the prior quarter primarily driven by higher prices of primary aluminum and increased regional premiums, and higher volumes, partially offset by increased power prices. Century's liquidity position at quarter end was $99.5 million. Quarterly cash flow was impacte...

More updates from Century Aluminum Company