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Mar 31, 2024
Century Aluminum Q1 2024 Earnings Report
Century Aluminum's financial performance decreased due to lower regional and value-added product premiums, but was positively impacted by the bargain purchase gain from the Jamalco acquisition.
Key Takeaways
Century Aluminum reported a decrease in net sales due to lower regional and value-added product premiums. Net income attributable to Century stockholders increased significantly due to a bargain purchase gain from the Jamalco acquisition. Adjusted EBITDA decreased due to the timing of recognition of the IRA Section 45X benefit, but improved due to lower energy and material costs.
Net sales were $489.5 million.
Net income attributable to Century stockholders was $246.8 million.
Adjusted EBITDA attributable to Century stockholders was $25.0 million.
Cash and cash equivalents totaled $93.5 million with total liquidity of $302.0 million.
Revenue by Geographic Location
Forward Guidance
The company expects second quarter Adjusted EBITDA to range between $25 to $35 million based on increased LME prices and regional premiums, partially offset by timing of partial power curtailments imposed on our Grundartangi facility.
Positive Outlook
- Increased LME prices
- Increased regional premiums
Challenges Ahead
- Timing of partial power curtailments imposed on Grundartangi facility
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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