Century Aluminum Co ( (CENX) ) has released its Q3 earnings. Here is a breakdown of the information Century Aluminum Co presented to its investors.
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Century Aluminum Company is a leading producer of primary aluminum, headquartered in Chicago, IL, with operations in the United States and Iceland, as well as a majority stake in the Jamalco alumina refinery in Jamaica.
Century Aluminum’s third quarter 2024 financial results show a net sales figure of $539.1 million and a realized LME aluminum price of $2,451 per metric ton. The company also reported a net income of $47.3 million, a significant rebound from the previous quarter’s loss. Adjusted EBITDA reached $103.7 million, aided by increased aluminum prices and production tax credits.
Key financial highlights include a $21.7 million sequential decrease in net sales due to reduced third-party alumina sales, despite higher aluminum prices. The company’s liquidity remains robust at $278.9 million, with a cash position of $32.6 million. The recognition of Inflation Reduction Act credits contributed $34.9 million to the earnings, and an increase in aluminum prices added $31.0 million. These gains were tempered by higher power costs and expenses related to Hurricane Beryl.
In conclusion, Century Aluminum is poised for a promising future with strong demand and strategic supply advantages. The management anticipates a fourth-quarter adjusted EBITDA between $70 to $80 million, supported by lower power costs despite expected declines in aluminum prices.
