Century Aluminum Company Reports Third Quarter 2022 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Nov. 07, 2022 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its third quarter 2022 results. Business Highlights Shipments down 19% sequentially related to the Hawesville curtailmentRealized LME aluminum price of $2,636/T in third quarter is down $425/T from prior quarterStrong total liquidity of $215 million as of September 30, 2022Fixed remaining 2022 - 2023 Nord Pool exposure at attractive prices; derisks Iceland power costsExpanded and implemented cost reduction plans across plants and corporateNew Vlissingen credit facility of $90.0 million agreed to in November 2022 Third Quarter 2022 Financial Results $MM (except shipments and per share data) Q2 2022 Q3 2022Shipments (tonnes) 214,084 173,725 Net sales $856.6 $637.2 Net income $37.4 $44.3 Diluted earnings per share $0.36 $0.43 Adjusted net income/(loss)(1) $30.4 $(34.2)Adjusted earnings/(loss) per share(1) $0.30 $(0.34)Adjusted EBITDA(1) $86.6 $(35.9) Notes: (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Shipments of primary aluminum for the quarter ended September 30, 2022 decreased 19 percent sequentially, driven primarily by reduced volumes from Hawesville in connection with the previously announced curtailment of production at the facility. Net sales for the third quarter of 2022 decreased by 26 percent sequentially due to lower realized aluminum prices and unfavorable volume, primarily attributable to the decision to fully curtail our Hawesville smelter. Century reported net income of $44.3 million for the third quarter of 2022, a $6.9 million increase sequentially. Third quarter results were impacted by $78.8 million of net exceptional items, in particular $69.5 million of unrealized gains on derivative instruments, $6.3 million lower of cost or net realizable value adjustment and $3.6 million in curtailment costs related to the Hawesville plant, partially offset by $0.6 million in share-based compensation costs. Thus, Century reported an adjusted net loss of $(34.2) million for the third quarter of 2022, a $64.6 million decrease sequentially. Adjusted EBITDA for the third quarter of 2022 was $(35.9) million. This was a decrease of $122.5 million from the prior quarter, more than explained by lower LME and regional premiums, as well as higher energy and other raw material costs, partially offset ...

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