Century Aluminum Company Reports Second Quarter 2020 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2020 results.\n Second Quarter 2020 Financial Results Shipments of 210,309 tonnes, a 4% increase over prior quarterNet sales of $401.9 million, a 5% decrease over prior quarter primarily due to lower LME prices and regional premiumsNet loss of $(26.9) million, or $(0.30) per shareAdjusted net loss(1) of $(18.4) million, or $(0.19) per shareAdjusted EBITDA(1) of $4.7 million $MM (except shipments and per share data) Q1 2020 Q2 2020Shipments (tonnes) 202,905 210,309 Net sales $421.2 $401.9 Net income (loss) $(2.7) $(26.9)Diluted earnings (loss) per share $(0.03) $(0.30)Adjusted net income (loss)(1) $1.0 $(18.4)Adjusted earnings (loss) per share(1) $0.01 $(0.19)Adjusted EBITDA(1) $28.1 $4.7 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures In the second quarter of 2020, shipments of primary aluminum were 210,309 tonnes compared with 202,905 tonnes shipped in the first quarter of 2020. Net sales for the second quarter of 2020 were $401.9 million compared with $421.2 million for the first quarter of 2020, reflecting a 5% decrease over prior quarter primarily due to lower LME prices and regional premiums. Century reported a net loss of $(26.9) million for the second quarter of 2020 and an $(18.4) million net loss on an adjusted basis. Second quarter results were negatively impacted by $8.5 million of exceptional items, including a $6.4 million lower of cost or net realizable value inventory adjustment (net of tax) and $2.7 million of unrealized losses on forward derivative contracts (net of tax), offset by a $0.6 million insurance recovery related to the 2018 equipment failure at Sebree. This result compares to a net loss of $(2.7) million for the first quarter of 2020, or $1.0 million net income on an adjusted basis. Adjusted EBITDA for the second quarter of 2020 was $4.7 million, a decrease of $23.4 million primarily driven by unfavorable LME and regional premium price realizations, partially offset by lower raw material prices and lower operating expenses. Century's cash position at quarter end was $174.1 million, a sequential increase of $26.5 million. Revolver availability was $23.3 million. \"We have maintained the measures we instituted in early March aimed at protecting the ...

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