Century Aluminum Company Reports Second Quarter 2023 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2023 results. Business Highlights Net sales $575.5 millionRealized LME aluminum price of $2,371/T in second quarter is up $21/T from prior quarterDecreased input costs mainly from reduced pricing across key energy marketsStrong total liquidity of $231.1 million as of June 30, 2023All operating smelters producing at targeted utilization levelsJamalco refinery exited Q2 at targeted production levels Second Quarter 2023 Financial Results $MM (except shipments and per share data) Q1 2023 Q2 2023Aluminum shipments (tonnes) 181,165 173,649Net sales$552.4 $575.5Net (loss) income attributable to Century stockholders$(38.6) $7.5Diluted (loss) income per share attributable to Century stockholders$(0.42) $0.07Adjusted net (loss) income attributable to Century stockholders(1)$(11.3) $15.5Adjusted (loss) income per share attributable to Century stockholders(1)$(0.11) $0.16Adjusted EBITDA attributable to Century stockholders(1)$24.1 $29.5 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Net sales for the second quarter ended June 30, 2023 increased by 4 percent sequentially primarily due to higher realized aluminum prices. Century reported net income attributable to Century stockholders of $7.5 million for the second quarter of 2023, a $46.1 million improvement sequentially. Second quarter results were impacted by $8.2 million of net exceptional items, in particular $6.6 million lower of cost or net realizable value adjustment, net of tax, $3.6 million in curtailment costs related to the Hawesville plant, $1.6 million in share-based compensation costs and $0.7 million related to one-time transaction costs associated with the Jamalco acquisition, partially offset by $(4.3) million of unrealized gains on derivative instruments. Thus, Century reported an adjusted net income of $15.5 million for the second quarter of 2023, a $26.8 million improvement sequentially. Adjusted EBITDA attributable to Century stockholders for the second quarter of 2023 was $29.5 million. This was an improvement of $5.4 million from the prior quarter, primarily driven by lower energy costs, partially offset by unfavorable sales mix and planned for operational spend to maintain stability. Century's liquidity position...

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