Century Aluminum Company Reports Second Quarter 2024 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2024 results. Business Highlights Net sales of $560.8 millionRealized LME aluminum price of $2,288/MT in second quarter is up $98/MT from prior quarterReported net loss attributable to Century stockholders of $2.5 million and adjusted EBITDA attributable to Century stockholders of $34.2 million1Cash and cash equivalents of $41.3 million and strong liquidity of $342.6 million as of June 30, 2024 Second Quarter 2024 Financial Results $MM (except shipments and per share data) Q2 2024Q1 2024Aluminum shipments (tonnes) 167,908 174,627 Net sales$560.8 $489.5 Net (loss) income attributable to Century stockholders$(2.5) $246.8 Diluted (loss) earnings per share attributable to Century stockholders$(0.03) $2.26 Adjusted net income (loss) attributable to Century stockholders(1)$0.7 $(3.0)Adjusted earnings (loss) per share attributable to Century stockholders(1)$0.01 $(0.03)Adjusted EBITDA attributable to Century stockholders(1)$34.2 $25.0 (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Net sales for the second quarter ended June 30, 2024 increased by $71.3 million sequentially primarily due to higher LME aluminum price, regional and value-added product premiums. Century reported net loss attributable to Century stockholders of $2.5 million for the second quarter of 2024, a $249.3 million decrease sequentially. The decrease in net earnings during the second quarter of 2024 was primarily driven by the recognition of the bargain purchase gain from the Jamalco acquisition of $245.9 million in the first quarter of 2024. Second quarter results were also impacted by $3.2 million of net exceptional items, in particular, $3.5 million of stock based compensation costs. Therefore, Century reported an adjusted net income of $0.7 million for the second quarter of 2024, a $3.7 million change sequentially. Adjusted EBITDA attributable to Century stockholders for the second quarter of 2024 was $34.2 million. This was an increase of $9.2 million from the prior quarter, primarily driven by favorable realized LME and regional price premiums of $21.8 million, partially offset by lower volume of $7.2 million and additional operating expenses for deferred first quarter maintenance of $5.4 million. Century's liqui...

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