Business
Century Aluminum Company Reports Fourth Quarter 2022 Results
CHICAGO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2022 results. Fourth
About this update from Century Aluminum Company
[{"type":"text","content":"CHICAGO, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2022 results. Fourth Quarter 2022 Highlights Net sales $529.9 millionCost savings programs partially offset high power prices and other raw material cost pressureReported net loss of $(113.5) million, or $(1.24) per share; adjusted net loss of $(31.3) million, or $(0.31) per share; Adjusted EBITDA of $(12.4) million1Norðurál named Environmental Company of the Year 2022 in IcelandStrong total liquidity of $245.0 million as of December 31, 2022 Full Year 2022 Highlights Net sales $2.8 billion, a 26% increase from prior yearCompleted Mt. Holly restart project, reaching 75% of total capacityReported net loss of $(14.1) million, or $(0.15) per share; adjusted net income of $25.6 million, or $0.26 per share; Adjusted EBITDA of $143.8 million1Continued expansion project into low-carbon billet production for our Grundartangi, Iceland smelter. Project remains on budget and on time for completion, with shipments expected to begin in Q124 Fourth Quarter & Full Year 2022 Financial Results $MM (except shipments and per share data) Q3 2022 Q4 2022 FY 2021 FY 2022Shipments (tonnes) 173,725 169,471 783,647 768,691 Net sales $637.2 $529.9 $2,212.5 $2,777.3 Net income (loss) $44.3 $(113.5) $(167.1) $(14.1)Diluted earnings (loss) per share $0.43 $(1.24) $(1.85) $(0.15)Adjusted net income (loss)(1) $(34.2) $(31.3) $(62.1) $25.6 Adjusted earnings (loss) per share(1) $(0.34) $(0.31) $(0.62) $0.26 Adjusted EBITDA(1) $(35.9) $(12.4) $174.2 $143.8 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. In the fourth quarter of 2022, shipments of primary aluminum decreased 2 percent sequentially. Net sales for the fourth quarter of 2022 decreased by 17 percent sequentially due to lower realized aluminum prices and unfavorable volume. Century reported net loss of $(113.5) million for the fourth quarter of 2022, a $157.8 million decrease sequentially. Fourth quarter results were impacted by $82.2 million of net exceptional items, in particular $82.9 million of unrealized losses on forward derivative contracts (net of tax), $5.4 million related to excess capacity charges associated with the Hawesville smelter and $2.2 million in share-based compensation costs, partially offset by $8.3 million of ...