Century Aluminum Company Reports Fourth Quarter and Full Year 2020 Results

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[{"type":"text","content":"CHICAGO, Feb. 18, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2020 results. Fourth Quarter 2020 Financial Results Shipments of 194,940 tonnesNet sales of $389.1 millionNet loss of $(35.5) million, or $(0.40) per shareAdjusted net loss(1) of $(30.6) million, or $(0.32) per shareAdjusted EBITDA(1) of $0.8 million Full Year 2020 Financial Results Shipments of 811,176 tonnesNet sales of $1,605.1 millionNet loss of $(123.3) million, or $(1.38) per shareAdjusted net loss(1) of $(112.4) million, or $(1.17) per shareAdjusted EBITDA(1) of $2.2 million $MM (except shipments and per share data) Q3 2020 Q4 2020 FY 2019FY 2020Shipments (tonnes) 203,022 194,940 811,244 811,176 Net sales $392.9 $389.1 $1,836.6 $1,605.1 Net income (loss) $(58.2) $(35.5) $(80.8) $(123.3) Diluted earnings (loss) per share $(0.65) $(0.40) $(0.91) $(1.38) Adjusted net income (loss)(1) $(64.4) $(30.6) $(129.2) $(112.4) Adjusted earnings (loss) per share(1) $(0.67) $(0.32) $(1.35) $(1.17) Adjusted EBITDA(1) $(31.4) $0.8 $(31.2) $2.2 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures In the fourth quarter of 2020, shipments of primary aluminum decreased by 4 percent sequentially. Net sales for the fourth quarter of 2020 decreased by 1 percent sequentially, due to lower shipment volume which was partially offset by higher aluminum prices. Century reported a net loss of $(35.5) million for the fourth quarter of 2020, a $22.7 million improvement sequentially primarily due to higher aluminum prices. Fourth quarter results were negatively impacted by $4.9 million of exceptional items, in particular $13.6 million of unrealized losses on forward derivative contracts (net of tax) partially offset by a $5.5 million litigation settlement. Thus, Century reported an adjusted net loss of $(30.6) million for the fourth quarter of 2020, a $33.8 million improvement sequentially. Adjusted EBITDA for the fourth quarter of 2020 was $0.8 million, an increase of $32.2 million from the prior quarter primarily driven by higher aluminum prices. Century's cash position at quarter end was $81.6 million and availability under our revolving credit facilities was $100.6 million. For the full year 2020, shipments of primary aluminum were flat compared with the full year 2019. Net sales for the...

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