Century Aluminum Company Reports Second Quarter 2022 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Aug. 09, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2022 results. Business Highlights Shipments up 1% sequentiallyNet sales up 14% sequentially on higher realized LME prices and regional premiumsRealized LME aluminum price of $3,062/T in second quarter is up $299/T from prior quarterHawesville curtailment completed in July amidst high power pricesExtended U.S. revolving credit facility through 2027 and increased capacity up to $250 million at favorable termsIncreased liquidity by $71 millionEntered into sale agreement for remaining interest in Mt. Holly Commerce Park for $30 million; expected to close in Q4 Second Quarter 2022 Financial Results $MM (except shipments and per share data) Q1 2022 Q2 2022Shipments (tonnes) 211,411 214,084Net sales$753.6 $856.6Net income$17.7 $37.4Diluted earnings per share$0.18 $0.36Adjusted net income(1)$60.7 $30.4Adjusted earnings per share(1)$0.59 $0.30Adjusted EBITDA(1)$105.5 $86.6 Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Shipments of primary aluminum for the quarter ended June 30, 2022 increased 1 percent sequentially, driven primarily by increased volumes at Mt. Holly. Net sales for the second quarter of 2022 increased by 14 percent sequentially due to higher realized aluminum prices. Century reported net income of $37.4 million for the second quarter of 2022, a $19.7 increase sequentially. Second quarter results were negatively impacted by $7.4 million of net exceptional items, in particular $159.4 million asset impairment charge and $8.2 million in curtailment costs related to the Hawesville plant, $52.8 million lower of cost or net realizable value adjustment, offset by $221.8 million of unrealized gains on derivative instruments and a $6.0 million reduction in share-based compensation costs. Thus, Century reported an adjusted net income of $30.4 million for the second quarter of 2022, a $30.3 decrease sequentially. Adjusted EBITDA for the second quarter of 2022 was $86.6 million. This was a decrease of $18.9 million from the prior quarter primarily driven by higher energy and raw material costs, partially offset by higher LME and regional premiums. Century's liquidity position at quarter end was $225.6 million, an increase of $71.3 million from the prior quarter. “We are proud of...

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