Century Aluminum Reports Second Quarter 2024 Financial Results

Century Aluminum Reports Second Quarter 2024 Financial Results

Overview

Century Aluminum Company (NASDAQ:CENX) announced its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Interpretation : Century Aluminum displayed a substantial sequential growth in total revenue and adjusted EBITDA, driven by higher LME aluminum prices despite a continuing net loss attributed primarily to previous exceptional items.

Revenue Performance Across Major Segments

Interpretation : The revenue from primary aluminum smelting operations and the Jamalco alumina refinery are encompassed in the overall increase in sales, largely due to improved aluminum pricing.

Comments from Company's Officers

"Strong operating performance drove improved financial results in the second quarter and leave us well-positioned to benefit from higher aluminum prices in the third quarter and beyond," said Century President and CEO Jesse Gary. He highlighted the value of Century's production assets in North America and Europe, owing to recent trade-enforcement actions by the US and EU.

Forward Guidance

Century Aluminum projects third-quarter 2024 Adjusted EBITDA to range between $65 million and $75 million, attributed to higher LME and regional premium prices, coupled with timing of shipments and increased power costs.

Stock Price Movement

Following the earnings release, Century Aluminum's stock experienced an increase of approximately 9.03%.

This comprehensive summary provides a clear and professional depiction of Century Aluminum's financial standing, operational highlights, and future expectations for stakeholders and potential investors alike.