Century Aluminum Company Reports Second Quarter 2021 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Aug. 04, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2021 results. Business Highlights Realized LME aluminum price of $2,155/T in second quarter is up $215/T from prior quarterRealized regional premiums of $490/T and $175/T for U.S. Midwest and EU Duty Paid, respectively. These were up $160/T and $35/T from prior quarterRefinanced Senior Notes extending maturity to 2028 and added Convertible Notes also due 2028Signed three-year Iceland power contract extension, securing 100% renewable energy for Grundartangi through 2026 and providing for future growth opportunities in value-added products Second Quarter 2021 Financial Results $MM (except shipments and per share data) Q1 2021 Q2 2021Shipments (tonnes) 195,697 190,894 Net sales $444.0 $528.0 Net income (loss) $(140.0) $(35.1)Diluted earnings (loss) per share $(1.55) $(0.39)Adjusted net income (loss)(1) $(52.5) $(27.3)Adjusted earnings (loss) per share(1) $(0.54) $(0.27)Adjusted EBITDA(1) $(19.7) $34.4 Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures Shipments of primary aluminum for the quarter ended June 30, 2021 decreased 2 percent sequentially, largely due to supply chain disruptions that delayed the pace of restart activities at Mt. Holly. Net sales for the second quarter of 2021 increased by 19 percent sequentially due to higher aluminum prices and increased regional premiums. Century reported a net loss of $(35.1) million for the second quarter of 2021, a $104.9 million improvement sequentially. Second quarter results were negatively impacted by $7.8 million of net exceptional items, in particular $32.9 million of unrealized losses on derivative instruments and losses of $24.7 million related to the extinguishment of our senior notes, offset by $49.8 million of tax benefit due to a discrete item within the second quarter. Thus, Century reported an adjusted net loss of $(27.3) million for the second quarter of 2021, a $25.2 million improvement sequentially. Adjusted EBITDA for the second quarter of 2021 was $34.4 million, an increase of $54.1 million from the prior quarter primarily driven by higher prices of primary aluminum and increased regional premiums. Century's liquidity position at quarter end was $108.6 million. Quarterly cash flow was impacted by increased capital ...

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