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Mar 31, 2020
Century Aluminum Q1 2020 Earnings Report
Announced first quarter 2020 results.
Key Takeaways
Century Aluminum Company reported a net loss of $(2.7) million for the first quarter of 2020, with adjusted net income of $1.0 million. The results were negatively impacted by $3.7 million of non-cash exceptional items.
Shipments of 202,905 tonnes
Net sales of $421.2 million, a 3% decrease over prior quarter due to lower regional premiums
Net loss of $(2.7) million, or $(0.03) per share
Adjusted net income of $1.0 million, or $0.01 per share
Revenue by Geographic Location
Forward Guidance
Century has an informed view of second quarter cash flow and possess ample liquidity for the foreseeable future, even if commodity prices were to remain at current levels. They intend to balance protection of the Company’s near-term financial strength and flexibility with the preservation of their ability to participate fully in the recovery which will come.
Positive Outlook
- Successful implementation of cost reduction and cash flow enhancement measures.
- Informed view of second quarter cash flow.
- Ample liquidity for the foreseeable future, even if commodity prices were to remain at current levels.
- Seeing meaningful reductions in the price of key inputs, including alumina, and wholesale electric power.
- Plants have maintained their production rates, and continue to sell all of metal essentially as it is cast; have not observed a build of finished goods inventory and do not anticipate such a scenario.
Challenges Ahead
- Loss of a colleague in a workplace incident.
- Recorded only one confirmed case of COVID-19, and have had a further handful of employees quarantined due to contact with infected persons.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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