Century Aluminum Company Reports Third Quarter 2023 Results

About this update from Century Aluminum Company

[{"type":"text","content":"CHICAGO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its third quarter 2023 results. Business Highlights Net sales $545.2 millionRealized LME aluminum price of $2,237/T in third quarter is down $134/T from prior quarterFalling energy and other raw material costsCompleted Mt. Holly land sale and received $26 million proceedsTotal debt decreased $41.4 million to $512.0 million as of September 30, 2023Cash and cash equivalents of $70.3 million and strong liquidity of $305.8 million as of September 30, 2023Finalized three-year Mt. Holly power agreement Third Quarter 2023 Financial Results $MM (except shipments and per share data) Q2 2023 Q3 2023Aluminum shipments (tonnes) 173,649 171,995 Net sales $575.5 $545.2 Net income (loss) attributable to Century stockholders $7.5 $(42.0)Diluted income (loss) per share attributable to Century stockholders $0.07 $(0.45)Adjusted net income (loss) attributable to Century stockholders(1) $15.5 $(13.8)Adjusted income (loss) per share attributable to Century stockholders(1) $0.16 $(0.13)Adjusted EBITDA attributable to Century stockholders(1) $29.5 $9.3 Notes:(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. Net sales for the third quarter ended September 30, 2023 decreased by 5 percent sequentially primarily due to lower realized aluminum prices. Century reported a net loss attributable to Century stockholders of $42.0 million for the third quarter of 2023, a $49.5 million decrease sequentially. Third quarter results were impacted by $28.2 million of net exceptional items, in particular $21.9 million of unrealized losses on derivative instruments, $9.3 million related to the power equipment failure at Jamalco, and $1.0 million in share-based compensation costs, partially offset by $4.2 million lower of cost or net realizable value adjustment, net of tax. Thus, Century reported an adjusted net loss of $13.8 million for the third quarter of 2023, a $29.3 million decrease sequentially. Adjusted EBITDA attributable to Century stockholders for the third quarter of 2023 was $9.3 million. This was a decrease of $20.2 million from the prior quarter, primarily driven by lower realized LME aluminum price and product mix, partially offset by lower energy and other raw material prices. Century's liquidity position at quarter end, compr...

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