Century Aluminum Company Reports Third Quarter 2021 Results

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[{"type":"text","content":"CHICAGO, Nov. 03, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its third quarter 2021 results. Business Highlights Realized LME aluminum price of $2,375/T in third quarter is up $220/T from prior quarterRealized regional premiums of $670/T and $245/T for U.S. Midwest and EU Duty Paid, respectively. These were up $180/T and $70/T from prior quarterInventories at post financial crisis lowsAnnounced casthouse expansion project into low-carbon billet production for our Grundartangi, Iceland smelter. Project will provide 150,000 tonnes of new green Natur-AlTM billets to serve European marketsRestart at our Mt. Holly and Hawesville facilities on track Third Quarter 2021 Financial Results $MM (except shipments and per share data) Q2 2021as Presented Q2 2021Updated(2)(3) Q3 2021Shipments (tonnes) 190,894 190,894 196,095 Net sales $528.0 $528.0 $581.4 Net income (loss) $(35.1) $(35.1) $(52.4) Diluted earnings (loss) per share $(0.39) $(0.39) $(0.58) Adjusted net income (loss)(1) $(27.3) $(27.8) $(5.7) Adjusted earnings (loss) per share(1) $(0.27) $(0.28) $(0.06) Adjusted EBITDA(1) $34.4 $33.9 $70.3 Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures.(2) Due to the historic fluctuations in our non-cash share-based compensation costs, we have updated our Adjusted net income (loss) and Adjusted EBITDA definitions to exclude these costs. Accordingly, we have also updated our Adjusted net income (loss) and Adjusted EBITDA for Q2 2021.(3) Historical Adjusted net income (loss) and Adjusted EBITDA updated would exclude share-based compensation (expense) gain of $(7.5) million, $(4.0) million, $(2.1) million, $(4.3) million, and $0.9 million during Q1 2021, Q4 2020, Q3 2020, Q2 2020, and Q1 2020, respectively. Shipments of primary aluminum for the quarter ended September 30, 2021 increased 3 percent sequentially, driven by the restart project at Mt. Holly and ongoing project activity at Hawesville. Net sales for the third quarter of 2021 increased by 10 percent sequentially due to higher aluminum prices and increased regional premiums. Century reported a net loss of $(52.4) million for the third quarter of 2021, a $17.3 million decrease sequentially. Third quarter results were negatively impacted by $46.7 million of net exceptional items, in particular $35.0 million of unreali...

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