Century Aluminum Company (NASDAQ: CENX) today announced its first
quarter 2023 results.
Business Highlights
- Realized LME aluminum price of $2,350/T in first quarter is up
$42/T from prior quarter
- Kentucky energy costs down $30/MWh, 47% improvement from
Q4
- Strong total liquidity of $241.0 million as of March 31,
2023
- All operating smelters producing at targeted utilization
levels
- Acquired 55% interest in Jamalco, a bauxite mining and alumina
refining operation
First Quarter 2023 Financial Results
$MM (except shipments and per share data) |
|
|
|
|
Q4 2022 |
|
Q1 2023 |
Shipments (tonnes) |
|
|
169,471 |
|
|
|
181,165 |
|
Net
sales |
|
$ |
529.9 |
|
|
$ |
552.4 |
|
Net
loss |
|
$ |
(113.5 |
) |
|
$ |
(38.6 |
) |
Diluted
loss per share |
|
$ |
(1.24 |
) |
|
$ |
(0.42 |
) |
Adjusted
net loss(1) |
|
$ |
(31.3 |
) |
|
$ |
(11.3 |
) |
Adjusted
loss per share(1) |
|
$ |
(0.31 |
) |
|
$ |
(0.11 |
) |
Adjusted EBITDA(1) |
|
$ |
(12.4 |
) |
|
$ |
24.1 |
|
Notes: (1) Non-GAAP
measure; see reconciliation of GAAP to non-GAAP financial
measures.
Net sales for the first quarter ended
March 31, 2023 increased by 4 percent sequentially primarily
due to higher realized aluminum prices.
Century reported a net loss of $(38.6) million
for the first quarter of 2023, a $74.9 million improvement
sequentially. First quarter results were impacted by $27.3 million
of net exceptional items, in particular $47.8 million of unrealized
losses on derivative instruments, $5.4 million in curtailment costs
related to the Hawesville plant, and $2.2 million in share-based
compensation costs, partially offset by $(25.6) million lower of
cost or net realizable value adjustment, net of tax, and a $(2.5)
million litigation settlement. Thus, Century reported an adjusted
net loss of $(11.3) million for the first quarter of 2023, a $20.0
million improvement sequentially.
Adjusted EBITDA for the first quarter of 2023
was $24.1 million. This was an improvement of $36.5 million from
the prior quarter, primarily driven by lower energy and raw
material costs, partially offset by unfavorable sales mix.
Century's liquidity position at quarter end was
$241.0 million, a decrease of $4.0 million from the prior
quarter.
“Market conditions strengthened in the first
quarter, driving a significant improvement in our financial
results,” commented President and Chief Executive Officer Jesse
Gary. “U.S. energy prices continued to moderate, with Kentucky
power prices falling roughly 50% from fourth quarter levels.
Meanwhile, further smelter curtailments in Europe and Yunnan,
paired with better than expected aluminum demand, resulted in
rising LME prices and regional premiums in the U.S. and
Europe. Combined with strong operating performance,
these market conditions allowed for good results across our
smelters.”
“We are thrilled to be adding Jamalco to our
operating portfolio,” continued Mr. Gary. “Century is very familiar
with this excellent asset and management team, having long been one
of Jamalco’s largest customers. Jamalco’s strategic location in the
Atlantic basin is in close proximity to all of Century’s operating
locations, providing short and secure supply lines and low
logistics costs to each of our smelters. Regular supply
of Jamalco’s high quality alumina to Century’s smelters will allow
for improved operating performance and the vertical integration
provided by this acquisition should better position Century to
provide consistent financial results through industry cycles.”
“We look forward to joining the greater Jamalco
community and becoming an active participant in the Jamaican
economy. We welcome our new colleagues with open
arms to the Century team and look forward to working with our
partner Clarendon Alumina Production Limited to restore Jamalco to
its full potential.”
Second Quarter 2023 Outlook
The company expects second quarter Adjusted EBITDA to range
between $25 to $30 million based on improved power and other input
costs along with break-even or better Jamalco performance.
About Century Aluminum Company
Century Aluminum Company owns primary aluminum
capacity in the United States and Iceland. Century's corporate
offices are located in Chicago, IL. Visit
www.centuryaluminum.com for more information.
Non-GAAP Financial Measures
Adjusted net income (loss), adjusted earnings
(loss) per share and adjusted EBITDA are non-GAAP financial
measures that management uses to evaluate Century's financial
performance. These non-GAAP financial measures facilitate
comparisons of this period’s results with prior periods on a
consistent basis by excluding items that management does not
believe are indicative of Century’s ongoing operating performance
and ability to generate cash. Management believes these
non-GAAP financial measures enhance an overall understanding of
Century’s performance and our investors’ ability to review
Century’s business from the same perspective as
management. The tables below, under the heading
"Reconciliation of Non-GAAP Financial Measures," provide a
reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, Century's reported results prepared in accordance with
GAAP. In addition, because not all companies use identical
calculations, adjusted net income (loss), adjusted earnings (loss)
per share and adjusted EBITDA included in this press release may
not be comparable to similarly titled measures of other
companies. Investors are encouraged to review the
reconciliations in conjunction with the presentation of these
non-GAAP financial measures.
Cautionary Statement
This press release and statements made
by Century Aluminum Company management on the quarterly
conference call contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
which are subject to the "safe harbor" created by Section 27A of
the Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Forward-looking statements are statements
about future events and are based on our current
expectations. These forward-looking statements may be
identified by the words "believe," "expect," "hope," "target,"
"anticipate," "intend," "plan," "seek," "estimate," "potential,"
"project," "scheduled," "forecast" or words of similar meaning, or
future or conditional verbs such as "will," "would," "should,"
"could," "might," or "may." Our forward-looking statements
include, without limitation, statements with respect to: Our
assessment of global and local financial and economic conditions;
our assessment of the aluminum market and aluminum prices
(including premiums); Our assessment of alumina pricing, the
outlook on when energy prices, both in the United States and
Europe, may return to more normalized levels, costs associated with
our other key raw materials, and supply and availability of those
key raw materials, including power (and related natural gas and
coal), the likelihood and extent of any power curtailments; Our
assessment of power price and availability for our U.S. and
European operations; The impact of the COVID-19 pandemic, and
governmental guidance and regulations aimed at addressing the
pandemic, including any possible impact on our business,
operations, financial condition, results of operation, global
supply chains or workforce; The impact of the war in Ukraine,
including any sanctions and export controls targeting Russia and
businesses tied to Russia and to sanctioned entities and
individuals, including any possible impact on our business,
operations, financial condition, results of operations and global
supply chains; The future financial and operating performance of
Century and its subsidiaries; Our ability to successfully manage
market risk and to control or reduce costs; Our plans and
expectations with respect to future operations of the Company and
its subsidiaries, including any plans and expectations to curtail
or restart production, including the expected impact of any such
actions on our future financial and operating performance; Our
plans and expectations with regards to future operations of our Mt.
Holly smelter, including our expectations as to the restart of
curtailed production at Mt. Holly, including the timing, costs and
benefits associated with restarting curtailed production; Our plans
with regards to future operations of our Hawesville smelter,
including our expectations as to the timing, costs and benefits
associated with restarting curtailed production; Our plans and
expectations with regards to the Grundartangi casthouse project,
including our expectations as to the timing, costs and benefits
associated with the Grundartangi casthouse project; Our plans and
expectations with respect to the acquisition of a 55% interest in
Jamalco, including our expectations as to the costs and benefits
associated with this transaction; Our ability to successfully
obtain and/or retain competitive power arrangements for our
operations; The impact of Section 232 relief, including tariffs or
other trade remedies, the extent to which any such remedies may be
changed, including through exclusions or exemptions, and the
duration of any trade remedy; The impact of any new or changed law,
regulation, including, without limitation, sanctions or other
similar remedies or restrictions or any changes in interpretation
of existing laws or regulations; Our anticipated tax liabilities,
benefits or refunds including the realization of U.S. and certain
foreign deferred tax assets and liabilities; Our ability to access
existing or future financing arrangements and the terms of any such
future financing arrangements; Our ability to repay or refinance
debt in the future; Our ability to recover losses from our
insurance; Our assessment and estimates of our pension and other
postretirement liabilities, legal and environmental liabilities and
other contingent liabilities; Our assessment of any future tax
audits or insurance claims and their respective outcomes;
Negotiations with labor unions or future representation by a union
of our employees; Our assessment of any information
technology-related risks, including the risk from cyberattacks or
other data security breaches, including the cybersecurity incident
that occurred on February 16, 2022; Our plans and expectations
regarding potential M&A including our ability to consummate
such transactions and our assessments of certain risks associated
with the same, including, for example, unforeseen costs and
expenses associated with unidentified liabilities, and difficulties
integrating an acquired asset into our existing operations; Our
future business objectives, plans, strategies and initiatives,
including our competitive position and prospects.
Where we express an expectation or belief as to
future events or results, such expectation or belief is expressed
in good faith and believed to have a reasonable basis.
However, our forward-looking statements are based on current
expectations and assumptions that are subject to risks and
uncertainties which may cause actual results to differ materially
from future results expressed, projected or implied by those
forward-looking statements. Important factors that could
cause actual results and events to differ from those described in
such forward-looking statements can be found in the risk factors
and forward-looking statements cautionary language contained in our
Annual Report on Form 10-K, Quarterly reports on Form 10-Q and in
other filings made with the Securities and Exchange
Commission. Although we have attempted to identify those
material factors that could cause actual results or events to
differ from those described in such forward-looking statements,
there may be other factors that could cause actual results or
events to differ from those anticipated, estimated or
intended. Many of these factors are beyond our ability to
control or predict. Given these uncertainties, the reader is
cautioned not to place undue reliance on our forward-looking
statements. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise.
CENTURY ALUMINUM COMPANY |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in millions, except per share amounts) |
(Unaudited) |
|
|
Three months ended |
|
|
March 31, |
|
December 31, |
|
March 31, |
|
|
2022 |
|
2022 |
|
2023 |
NET SALES: |
|
|
|
|
|
|
Related parties |
|
$ |
433.1 |
|
|
$ |
349.6 |
|
|
$ |
412.2 |
|
Other customers |
|
|
320.5 |
|
|
|
180.3 |
|
|
|
140.2 |
|
Total net sales |
|
|
753.6 |
|
|
|
529.9 |
|
|
|
552.4 |
|
Cost of goods sold |
|
|
660.4 |
|
|
|
549.3 |
|
|
|
504.3 |
|
Gross profit (loss) |
|
|
93.2 |
|
|
|
(19.4 |
) |
|
|
48.1 |
|
Selling, general and administrative expenses |
|
|
11.7 |
|
|
|
11.3 |
|
|
|
13.4 |
|
Other operating expense (income) - net |
|
|
0.2 |
|
|
|
(0.2 |
) |
|
|
7.2 |
|
Operating income (loss) |
|
|
81.3 |
|
|
|
(30.5 |
) |
|
|
27.5 |
|
Interest expense |
|
|
(7.3 |
) |
|
|
(8.4 |
) |
|
|
(8.7 |
) |
Interest income |
|
|
0.1 |
|
|
|
0.3 |
|
|
|
0.3 |
|
Net loss on forward and derivative contracts |
|
|
(56.7 |
) |
|
|
(90.6 |
) |
|
|
(57.6 |
) |
Other income (expense) - net |
|
|
2.0 |
|
|
|
(1.4 |
) |
|
|
(0.3 |
) |
Income (loss) before income
taxes |
|
|
19.4 |
|
|
|
(130.6 |
) |
|
|
(38.8 |
) |
Income tax (expense) benefit |
|
|
(1.7 |
) |
|
|
17.2 |
|
|
|
0.2 |
|
Income (loss) before equity in
earnings of joint ventures |
|
|
17.7 |
|
|
|
(113.4 |
) |
|
|
(38.6 |
) |
Equity in earnings (losses) of joint ventures |
|
|
— |
|
|
|
(0.1 |
) |
|
|
— |
|
Net income (loss) |
|
$ |
17.7 |
|
|
$ |
(113.5 |
) |
|
$ |
(38.6 |
) |
Less: net income allocated to
participating securities |
|
|
1.1 |
|
|
|
— |
|
|
|
— |
|
Net income (loss) allocated to
common stockholders |
|
$ |
16.6 |
|
|
$ |
(113.5 |
) |
|
$ |
(38.6 |
) |
EARNINGS (LOSS) PER COMMON
SHARE: |
|
|
|
|
|
|
Basic |
|
$ |
0.18 |
|
|
$ |
(1.24 |
) |
|
$ |
(0.42 |
) |
Diluted |
|
|
0.18 |
|
|
|
(1.24 |
) |
|
|
(0.42 |
) |
WEIGHTED AVERAGE COMMON SHARES
OUTSTANDING: |
|
|
|
|
|
|
Basic |
|
|
91.2 |
|
|
|
91.7 |
|
|
|
92.3 |
|
Diluted |
|
|
97.1 |
|
|
|
91.7 |
|
|
|
92.3 |
|
CENTURY ALUMINUM COMPANY |
CONSOLIDATED BALANCE SHEETS |
(in millions, except per share amounts) |
(Unaudited) |
|
December 31, 2022 |
|
March 31, 2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
54.3 |
|
|
$ |
30.4 |
|
Restricted cash |
|
1.2 |
|
|
|
1.2 |
|
Accounts receivable - net |
|
66.9 |
|
|
|
47.8 |
|
Due from affiliates |
|
4.8 |
|
|
|
16.5 |
|
Inventories |
|
398.8 |
|
|
|
434.8 |
|
Derivative assets |
|
127.3 |
|
|
|
51.3 |
|
Prepaid and other current
assets |
|
24.5 |
|
|
|
22.6 |
|
Total current assets |
|
677.8 |
|
|
|
604.6 |
|
Property, plant and equipment -
net |
|
744.4 |
|
|
|
743.2 |
|
Other assets |
|
49.8 |
|
|
|
51.3 |
|
TOTAL |
$ |
1,472.0 |
|
|
$ |
1,399.1 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
LIABILITIES: |
|
|
|
Accounts payable, trade |
$ |
167.3 |
|
|
$ |
149.2 |
|
Due to affiliates |
|
17.0 |
|
|
|
22.6 |
|
Accrued and other current
liabilities |
|
60.7 |
|
|
|
53.6 |
|
Derivative liabilities |
|
9.7 |
|
|
|
5.4 |
|
Accrued employee benefits
costs |
|
9.9 |
|
|
|
9.9 |
|
Iceland term facility |
|
13.3 |
|
|
|
12.3 |
|
U.S. revolving credit
facility |
|
90.0 |
|
|
|
63.1 |
|
Iceland revolving credit
facility |
|
35.0 |
|
|
|
45.0 |
|
Industrial revenue bonds |
|
7.8 |
|
|
|
7.8 |
|
Total current liabilities |
|
410.7 |
|
|
|
368.9 |
|
Senior notes payable |
|
246.6 |
|
|
|
246.8 |
|
Convertible senior notes
payable |
|
84.4 |
|
|
|
84.5 |
|
Grundartangi casthouse debt
facility |
|
49.4 |
|
|
|
59.3 |
|
Iceland term facility, net of
current portion |
|
1.2 |
|
|
|
— |
|
Accrued pension benefits costs -
less current portion |
|
44.5 |
|
|
|
41.8 |
|
Accrued postretirement benefits
costs - less current portion |
|
67.6 |
|
|
|
67.2 |
|
Other liabilities |
|
36.0 |
|
|
|
37.1 |
|
Leases - right of use
liabilities |
|
20.9 |
|
|
|
21.5 |
|
Due to affiliates - less current
portion |
|
8.3 |
|
|
|
5.9 |
|
Deferred taxes |
|
103.1 |
|
|
|
103.7 |
|
Total noncurrent liabilities |
|
662.0 |
|
|
|
667.8 |
|
SHAREHOLDERS’
EQUITY: |
|
|
|
Series A Preferred stock (one cent par value, 5,000,000 shares
authorized; 160,000 issued and 53,854 outstanding at December 31,
2022 and March 31, 2023) |
|
0.0 |
|
|
|
0.0 |
|
Common stock (one cent par value, 195,000,000 authorized;
99,510,499 issued and 92,323,978 outstanding at December 31, 2022
and March 31, 2023) |
|
1.0 |
|
|
|
1.0 |
|
Additional paid-in capital |
|
2,539.6 |
|
|
|
2,540.2 |
|
Treasury stock, at cost |
|
(86.3 |
) |
|
|
(86.3 |
) |
Accumulated other comprehensive
loss |
|
(94.0 |
) |
|
|
(92.9 |
) |
Accumulated deficit |
|
(1,961.0 |
) |
|
|
(1,999.6 |
) |
Total shareholders’ equity |
|
399.3 |
|
|
|
362.4 |
|
TOTAL |
$ |
1,472.0 |
|
|
$ |
1,399.1 |
|
|
CENTURY ALUMINUM COMPANY |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in millions) |
(Unaudited) |
|
Three months ended March 31, |
|
2022 |
|
2023 |
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
17.7 |
|
|
$ |
(38.6 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Unrealized loss on derivative instruments |
|
35.5 |
|
|
|
64.4 |
|
Lower of cost or NRV adjustment |
|
— |
|
|
|
5.1 |
|
Depreciation and amortization |
|
19.4 |
|
|
|
15.9 |
|
Deferred tax provision (benefit) |
|
1.3 |
|
|
|
(1.5 |
) |
Other non-cash items - net |
|
(1.7 |
) |
|
|
(0.5 |
) |
Change in operating assets and liabilities: |
|
|
|
Accounts receivable - net |
|
(47.1 |
) |
|
|
19.1 |
|
Due from affiliates |
|
(10.3 |
) |
|
|
(11.7 |
) |
Inventories |
|
(0.9 |
) |
|
|
(41.1 |
) |
Prepaid and other current assets |
|
(4.2 |
) |
|
|
1.8 |
|
Accounts payable, trade |
|
31.6 |
|
|
|
(17.4 |
) |
Due to affiliates |
|
(1.2 |
) |
|
|
10.4 |
|
Accrued and other current liabilities |
|
1.6 |
|
|
|
(8.7 |
) |
Other - net |
|
(4.3 |
) |
|
|
2.6 |
|
Net cash provided by (used in)
operating activities |
|
37.4 |
|
|
|
(0.2 |
) |
CASH FLOWS FROM INVESTING
ACTIVITIES: |
|
|
|
Purchase of property, plant and equipment |
|
(26.0 |
) |
|
|
(14.3 |
) |
Proceeds from sale of property, plant and equipment |
|
0.0 |
|
|
|
— |
|
Net cash used in investing
activities |
|
(26.0 |
) |
|
|
(14.3 |
) |
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
Borrowings under revolving credit facilities |
|
264.1 |
|
|
|
192.4 |
|
Repayments under revolving credit facilities |
|
(307.4 |
) |
|
|
(209.4 |
) |
Debt issuance costs |
|
(0.6 |
) |
|
|
— |
|
Repayments of Iceland term facility |
|
— |
|
|
|
(2.4 |
) |
Borrowings under Grundartangi casthouse debt facility |
|
40.0 |
|
|
|
10.0 |
|
Net cash provided by (used in)
financing activities |
|
(3.9 |
) |
|
|
(9.4 |
) |
CHANGE IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH |
|
7.5 |
|
|
|
(23.9 |
) |
Cash, cash equivalents and
restricted cash, beginning of period |
|
40.7 |
|
|
|
55.5 |
|
Cash, cash equivalents and
restricted cash, end of period |
$ |
48.2 |
|
|
$ |
31.6 |
|
|
|
|
|
Supplemental Cash Flow
Information: |
|
|
|
Cash paid for: |
|
|
|
Interest |
$ |
1.2 |
|
|
$ |
4.0 |
|
Taxes, net of refunds |
|
0.5 |
|
|
|
(0.4 |
) |
Non-cash investing
activities: |
|
|
|
Capital expenditures |
|
4.2 |
|
|
|
3.9 |
|
Capitalized Interest |
|
1.0 |
|
|
|
1.0 |
|
CENTURY ALUMINUM COMPANY |
SELECTED OPERATING DATA |
(in millions, except shipments) |
(Unaudited) |
|
SHIPMENTS
- PRIMARY ALUMINUM(1) |
|
|
United States |
|
Iceland |
|
Total |
|
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
1st Quarter |
|
102,430 |
|
$ |
317.6 |
|
78,735 |
|
$ |
210.1 |
|
181,165 |
|
$ |
527.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
4th Quarter |
|
89,906 |
|
$ |
270.5 |
|
79,565 |
|
$ |
235.7 |
|
169,471 |
|
$ |
506.2 |
1st Quarter |
|
134,953 |
|
$ |
494.8 |
|
76,458 |
|
$ |
247.5 |
|
211,411 |
|
$ |
742.3 |
(1) Excludes
scrap aluminum sales, purchased aluminum and alumina sales.
CENTURY ALUMINUM COMPANY |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
(in millions, except per share amounts) |
(Unaudited) |
|
|
|
Three months ended |
|
|
December 31, 2022 |
|
March 31, 2023 |
|
|
$MM |
|
EPS |
|
$MM |
|
EPS |
Net loss as reported (1) |
|
$ |
(113.5 |
) |
|
$ |
(1.24 |
) |
|
$ |
(38.6 |
) |
|
$ |
(0.42 |
) |
Lower of cost or NRV inventory adjustment, net of tax |
|
|
(8.3 |
) |
|
|
(0.09 |
) |
|
|
(25.6 |
) |
|
|
(0.28 |
) |
Unrealized loss on derivative contracts, net of tax |
|
|
82.9 |
|
|
|
0.90 |
|
|
|
47.8 |
|
|
|
0.52 |
|
Hawesville curtailment costs |
|
|
5.4 |
|
|
|
0.06 |
|
|
|
5.4 |
|
|
|
0.06 |
|
Share-based compensation |
|
|
2.2 |
|
|
|
0.02 |
|
|
|
2.2 |
|
|
|
0.02 |
|
Litigation settlement |
|
|
— |
|
|
|
— |
|
|
|
(2.5 |
) |
|
|
(0.03 |
) |
Impact of preferred and convertible shares |
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.02 |
|
Adjusted net
loss |
|
$ |
(31.3 |
) |
|
$ |
(0.31 |
) |
|
$ |
(11.3 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
(1) In periods of
positive earnings, this represents earnings allocated to
participating dilutive shares. |
|
|
Three months ended |
|
|
December 31, 2022 |
|
March 31, 2023 |
Net loss as reported |
|
$ |
(113.5 |
) |
|
$ |
(38.6 |
) |
Interest expense |
|
|
8.4 |
|
|
|
8.7 |
|
Interest income |
|
|
(0.3 |
) |
|
|
(0.3 |
) |
Net loss on forward and derivative contracts |
|
|
90.6 |
|
|
|
57.6 |
|
Other income - net |
|
|
1.4 |
|
|
|
0.3 |
|
Income tax expense |
|
|
(17.2 |
) |
|
|
(0.2 |
) |
Equity in earnings of joint ventures |
|
|
0.1 |
|
|
|
— |
|
Operating (loss)
income |
|
|
(30.5 |
) |
|
|
27.5 |
|
Lower of cost or NRV inventory adjustment |
|
|
(6.9 |
) |
|
|
(26.2 |
) |
Hawesville curtailment costs |
|
|
5.4 |
|
|
|
5.4 |
|
Share-based compensation |
|
|
2.2 |
|
|
|
2.2 |
|
Litigation settlement |
|
|
— |
|
|
|
(2.5 |
) |
Depreciation and
amortization |
|
|
17.4 |
|
|
|
17.7 |
|
Adjusted
EBITDA |
|
$ |
(12.4 |
) |
|
$ |
24.1 |
|
ContactPeter Trpkovski(Investors and
media)312-696-3132
Source: Century Aluminum Company
Century Aluminum (NASDAQ:CENX)
Historical Stock Chart
From Apr 2024 to May 2024
Century Aluminum (NASDAQ:CENX)
Historical Stock Chart
From May 2023 to May 2024