Century Aluminum Company Reports Fourth Quarter and Full Year 2019 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Feb. 20, 2020 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced fourth quarter and full year 2019 results.\n Fourth Quarter 2019 Financial Results Shipments of 202,870 tonnes, a 2% increase over prior quarter driven by the ongoing restart at HawesvilleNet sales of $435.5 million, a 1% decrease over prior quarter due to lower LME pricesNet loss of $(4.8) million, or $(0.05) per shareAdjusted net loss(1) of $(9.0) million, or $(0.09) per shareAdjusted EBITDA(1) of $13.3 million Full Year 2019 Financial Results Shipments of 811,244 tonnes, an 8% increase over prior year driven by the ongoing restart at Hawesville and return to full production at Sebree after the temporary potline outage in 2018Net sales of $1,836.6 million, a 3% decrease over prior year, primarily due to lower LME prices partially offset by higher volume and product premiumsNet loss of $(80.8) million, or $(0.91) per shareAdjusted net loss(1) of $(129.2) million, or $(1.35) per shareAdjusted EBITDA(1) of $(31.2) million $MM (except shipments and per share data) Q3 2019 Q4 2019 FY 2018 FY 2019 Shipments (tonnes)198,543 202,870 749,850 811,244 Net sales$438.0 $435.5 $1,893.2 $1,836.6 Net income (loss)(20.7) (4.8) (66.2) (80.8) Diluted earnings (loss) per share(0.23) (0.05) (0.76) (0.91) Adjusted net income (loss)(1)(37.4) (9.0) (13.0) (129.2) Adjusted earnings (loss) per share(1)(0.39) (0.09) (0.14) (1.35) Adjusted EBITDA(1)(12.2) 13.3 86.0 (31.2) Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures In the fourth quarter of 2019, shipments of primary aluminum were 202,870 tonnes compared with 198,543 tonnes shipped in the third quarter of 2019, reflecting the impact of the ongoing Hawesville restart project. Net sales for the fourth quarter of 2019 were $435.5 million compared with $438.0 million for the third quarter of 2019, reflecting a 1% decrease over prior quarter due to lower LME prices. Century reported a net loss of $(4.8) million for the fourth quarter of 2019, or $(9.0) million on an adjusted basis. Fourth quarter results were positively impacted by $4.2 million of exceptional items, including a $3.3 million lower of cost or net realizable value inventory adjustment (net of tax) and a $1.7 million insurance recovery related to the equipment failure at Sebree, partially offset by a $(0.7) ...

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