Century Aluminum Company Reports Third Quarter 2019 Results

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[{"type":"text","content":"CHICAGO, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its third quarter 2019 results.\n Third Quarter 2019 Financial Results Shipments of 198,543 tonnes, a 2% decrease over prior quarterNet sales of $438.0 million, a 7% decrease over prior quarter primarily due to lower LME pricesNet loss of $20.7 million, or $0.23 per shareAdjusted net loss1 of $37.4 million, or $0.39 per shareAdjusted EBITDA1 of $(12.2) million primarily due to low LME prices and lagged high alumina prices $MM (except shipments and per share data) Q2 2019 Q3 2019 Shipments (tonnes)203,380 198,543 Net sales$473.1 $438.0 Net income (loss)(20.7) (20.7) Diluted earnings (loss) per share(0.23) (0.23) Adjusted net income (loss)1(16.2) (37.4) Adjusted earnings (loss) per share1(0.17) (0.39) Adjusted EBITDA111.7 (12.2) Notes: 1 - Non-GAAP measure; see reconciliations of GAAP to non-GAAP financial measures In the third quarter of 2019, shipments of primary aluminum were down 2% compared to the second quarter of 2019 due to lower than expected production at Hawesville. Net sales for the third quarter of 2019 were $438.0 million compared with $473.1 million for the second quarter of 2019, a 7% decrease over prior quarter primarily due to lower LME prices. Century reported a net loss of $20.7 million for the third quarter of 2019. This result compares to a net loss of $20.7 million for the second quarter of 2019. Third quarter results were positively impacted by $16.7 million of exceptional items, driven by a $5.7 million lower of cost or net realizable value inventory adjustment and a $10.1 million unrealized gain on derivative instruments. The adjusted net loss for the third quarter of 2019 was $37.4 million compared to an adjusted net loss of $16.2 million for the second quarter of 2019. Adjusted EBITDA for the third quarter of 2019 was $(12.2) million, driven by low LME prices and high lagged alumina prices. This result was down $23.9 million from the second quarter of 2019 driven primarily by lower LME prices. Century's cash position at quarter end was $22.5 million and revolver availability was $177.6 million. \"The external environment remains complex, with conflicting signals evident at each of the macro and sector specific levels,” commented Michael Bless, President and Chief Executive Officer. “We have seen slowing gr...

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