CENX 8-K
Century Aluminum Co (CENX)
8-K
2024-11-04
For: 2024-09-30
View Original
Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): November 4, 2024
Century Aluminum Company
(Exact Name of Registrant as Specified in Charter)
| Delaware | 001-34474 | 13-3070826 | ||||||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
One South Wacker Drive | |||||
| Suite 1000 | |||||
| Chicago | |||||
| Illinois | 60606 | ||||
(Address of Principal Executive Offices) | (Zip Code) | ||||
| (312) | 696-3101 | ||||
| (Registrant's telephone number, including area code) | |||||
| N/A | |||||
| (Former Name or Former Address, if Changed Since Last Report) | |||||
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | ||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class: | Trading Symbol(s) | Name of each exchange on which registered: | ||||||
| Common Stock, $0.01 par value per share | CENX | Nasdaq Stock Market LLC | ||||||
(Nasdaq Global Select Market) | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b– 2 of the Securities Exchange Act of 1934 (§ 240.12b–2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On November 4, 2024, Century Aluminum Company (the "Company") issued a press release announcing its results of operations for quarter ended September 30, 2024. A copy of the Company’s press release is attached as Exhibit 99.1 and is incorporated herein by reference.
The Company will hold a follow-up conference call on Monday, November 4, 2024, at 5:00 p.m. Eastern Time. The earnings call will be webcast live on the Company’s website, located at www.centuryaluminum.com. Anyone interested in listening to the live webcast should plan to begin the registration process for the webcast at least 10 minutes before the live call is scheduled to begin. A replay of the webcast and associated presentation materials will be archived and available for replay approximately two hours following the live call.
The information in this Current Report and Exhibit 99.1 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 4, 2024, the Company announced that Rob Hoffman stepped down from his position as principal accounting officer of the Company. Mr. Hoffman will continue in his role as Chief Information Officer and as the lead in the integration of the Company’s Jamalco joint venture.
The Company also announced on November 4, 2024, that Theresa Brainerd, the Company’s Global Corporate Controller, has assumed the responsibilities of the principal accounting officer. Ms. Brainerd, 36, joined the Company in September 2023 as the Company’s Global Corporate Controller. Prior to joining the Company, Ms. Brainerd held accounting and finance leadership positions at Atkore International and Motorola Solutions. Ms. Brainerd began her career in public accounting at Deloitte and BDO. She is a Certified Public Accountant and holds a Master of Science in Accountancy from the University of Illinois Urbana-Champaign.
There is no arrangement or understanding between Ms. Brainerd and any other person relating to the designation of Ms. Brainerd as the principal accounting officer of the Company. With respect to the disclosure required by Item 401(d) of Regulation S-K, there are no family relationships between Ms. Brainerd and any of the Company’s directors or executive officers. With respect to Item 404(a) of Regulation S-K, there are no relationships or related transactions between Ms. Brainerd and the Company that would be required to be reported.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
CENTURY ALUMINUM COMPANY | ||||||||||||||
| Date: | November 4, 2024 | By: | /s/ GERALD C. BIALEK | |||||||||||
| Name: | Gerald C. Bialek | |||||||||||||
| Title: | Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||
Exhibit 99.1
Century Aluminum Company Reports Third Quarter 2024 Results
Chicago, November 4, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its third quarter 2024 results.
Business Highlights
•Net sales of $539.1 million
•Realized LME aluminum price of $2,451/MT in third quarter is up $163/MT from prior quarter
•Reported net income attributable to Century stockholders of $47.3 million and adjusted EBITDA attributable to Century stockholders of $103.7 million1
•Cash and cash equivalents of $32.6 million and strong liquidity of $278.9 million as of September 30, 2024
•Final Section 45X rules include direct and indirect material costs as eligible for 10% production tax credit, increasing Century benefit by $34.9 million
Third Quarter 2024 Financial Results
| $MM (except shipments and per share data) | ||||||||||||||
| Q3 2024 | Q2 2024 | |||||||||||||
| Aluminum shipments (tonnes) | 168,755 | 167,908 | ||||||||||||
| Net sales | $ | 539.1 | $ | 560.8 | ||||||||||
| Net income (loss) attributable to Century stockholders | $ | 47.3 | $ | (2.5) | ||||||||||
| Diluted earnings (loss) per share attributable to Century stockholders | $ | 0.46 | $ | (0.03) | ||||||||||
Adjusted net income attributable to Century stockholders(1) | $ | 60.0 | $ | 0.7 | ||||||||||
Adjusted earnings per share attributable to Century stockholders(1) | $ | 0.63 | $ | 0.01 | ||||||||||
Adjusted EBITDA attributable to Century stockholders(1) | $ | 103.7 | $ | 34.2 | ||||||||||
| Notes: | ||||||||||||||
(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | ||||||||||||||
Net sales for the third quarter ended September 30, 2024 decreased by $21.7 million sequentially primarily due to lower third-party alumina sales offset by higher LME aluminum price, regional and value-added product premiums.
Century reported net income attributable to Century stockholders of $47.3 million for the third quarter of 2024, a $49.8 million increase sequentially. The increase in net earnings during the third quarter of 2024 was primarily driven by the recognition of full year 2023 and year to date 2024 Inflation Reduction Act Advanced Manufacturing credits of $34.9 million, higher LME aluminum price realization of $31.0 million, partially offset by higher power prices of $2.9 million. Third quarter results were also impacted by $12.0 million of net exceptional items, in particular, $3.2 million of stock based compensation costs and $6.9 million of costs incurred following the impact of Hurricane Beryl in Jamaica. Therefore, Century reported an adjusted net income of $60.0 million for the third quarter of 2024, a $59.3 million improvement sequentially.
Adjusted EBITDA attributable to Century stockholders for the third quarter of 2024 was $103.7 million. This was an increase of $69.5 million from the prior quarter, primarily driven by favorable realized LME and regional price premiums of $31.7 million, and $34.9 million related to the recognition of 2023 and 2024 additional section 45X tax credits.
Century's liquidity position at September 30, 2024 was $278.9 million, comprised of cash and cash equivalents of $32.6 million and $246.3 million in combined borrowing availability.
“Strong global demand, continued supply-side challenges and supportive macroeconomic policy in China and the West led to rising aluminum and alumina prices in the third quarter,” noted Century President and CEO Jesse Gary. “With bauxite and alumina supply chains facing a number of challenges around the world, we are thrilled to have our own strategic supply of bauxite and alumina from our Jamalco operations following the acquisition last year. “
“We were very pleased with the final Section 45X rules issued earlier this month that increase the amount of production tax credit we will receive and further bolsters the competitiveness of our U.S. operations. When combined with benefits of our Jamalco
acquisition and growing demand for aluminum around the world, we believe Century is well positioned to offer our customers a unique value proposition and superior returns for our shareholders.”
Fourth Quarter 2024 Outlook
The company expects fourth quarter Adjusted EBITDA to range between $70 to $80 million driven by lower LME and regional premium prices offset by lower power costs.
About Century Aluminum Company
With its corporate headquarters located in Chicago, IL, Century Aluminum owns and operates primary aluminum smelting facilities in the United States and Iceland and is the majority owner and managing partner of the Jamalco alumina refinery in Jamaica. 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. We do not provide a reconciliation of forward-looking Adjusted EBITDA because the corresponding forward-looking GAAP financial measures is not currently available and management cannot reliably predict all the necessary components of such forward-looking GAAP measures without unreasonable effort or expense due to the inherent difficulty of forecasting and quantifying certain amounts that are necessary for such a reconciliation, including adjustments that could be made for restructuring, the variability of our tax rate, the impact of foreign currency fluctuation, and other charges reflected in our historical results. The probable significance of each of these items is high and, based on historical experience, could be material.
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." Forward-looking statements, for example, may include statements regarding: 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, energy prices, both in the United States and Europe, 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), and the likelihood and extent of any power curtailments; Our assessment of power prices and availability for our U.S. and European operations; The impact of the wars in Ukraine and in the Middle East, including any related impacts on global energy markets and/or 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 the Company 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; Our plans and expectations with regards to the Grundartangi casthouse project, including our expectations as to the costs and benefits associated with it; 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 Jamalco's operations; 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 or 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 qualify for and realize potential tax benefits under the Inflation Reduction Act of 2022 and the anticipated amounts of such benefits; Our ability to realize the full amount of the DOE $500 million grant, to negotiate favorable terms and conditions related to such grant, to raise additional capital through additional grants, incentives, subsidized loans and other debt and equity funding to support construction of a new aluminum smelter; 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 current 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 and joint venture activity 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; and 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, our 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 | ||||||||||||||
| September 30, | June 30, | |||||||||||||
| 2024 | 2024 | |||||||||||||
| NET SALES: | ||||||||||||||
| Related parties | $ | 332.1 | $ | 324.2 | ||||||||||
| Other customers | 207.0 | 236.6 | ||||||||||||
| Total net sales | 539.1 | 560.8 | ||||||||||||
| Cost of goods sold | 457.3 | 540.4 | ||||||||||||
| Gross profit | 81.8 | 20.4 | ||||||||||||
| Selling, general and administrative expenses | 15.6 | 12.3 | ||||||||||||
| Other operating expense - net | 2.4 | 1.7 | ||||||||||||
| Operating income | 63.8 | 6.4 | ||||||||||||
| Interest expense | (11.9) | (10.3) | ||||||||||||
| Interest income | 0.4 | 0.6 | ||||||||||||
| Net loss on forward and derivative contracts | (4.0) | (4.0) | ||||||||||||
| Bargain purchase gain | — | — | ||||||||||||
| Other income (loss) - net | (4.0) | 1.1 | ||||||||||||
| Income (loss) before income taxes | 44.3 | (6.2) | ||||||||||||
| Income tax expense | (2.0) | (0.5) | ||||||||||||
| Net income (loss) | 42.3 | (6.7) | ||||||||||||
| Net loss attributable to noncontrolling interests | (5.0) | (4.2) | ||||||||||||
| Net income (loss) attributable to Century stockholders | 47.3 | (2.5) | ||||||||||||
| Less: net income allocated to participating securities | 2.5 | — | ||||||||||||
| Net income (loss) allocated to common stockholders | $ | 44.8 | $ | (2.5) | ||||||||||
| INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: | ||||||||||||||
| Basic | $ | 0.48 | $ | (0.03) | ||||||||||
| Diluted | 0.46 | (0.03) | ||||||||||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | ||||||||||||||
| Basic | 92.8 | 92.7 | ||||||||||||
| Diluted | 98.4 | 92.7 | ||||||||||||
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in millions, except per share amounts) | |||||||||||
| (Unaudited) | |||||||||||
| September 30, 2024 | December 31, 2023 | ||||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 32.6 | $ | 88.8 | |||||||
| Restricted cash | 2.8 | 1.5 | |||||||||
| Accounts receivable - net | 62.2 | 53.7 | |||||||||
| Non-trade receivables | 52.7 | 36.2 | |||||||||
| Due from affiliates | 12.0 | 20.2 | |||||||||
| Manufacturing credit receivable | 78.8 | 59.3 | |||||||||
| Inventories | 544.5 | 477.0 | |||||||||
| Derivative assets | 2.1 | 2.9 | |||||||||
| Prepaid and other current assets | 19.2 | 27.5 | |||||||||
| Total current assets | 806.9 | 767.1 | |||||||||
| Property, plant and equipment - net | 965.3 | 1,004.2 | |||||||||
| Other assets | 124.7 | 75.2 | |||||||||
| TOTAL ASSETS | $ | 1,896.9 | $ | 1,846.5 | |||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||
| LIABILITIES: | |||||||||||
| Accounts payable, trade | $ | 240.9 | $ | 249.5 | |||||||
| Accrued compensation and benefits | 41.5 | 38.1 | |||||||||
| Due to affiliates | 104.5 | 101.4 | |||||||||
| Accrued and other current liabilities | 43.7 | 50.9 | |||||||||
| Derivative liabilities | 5.1 | 1.4 | |||||||||
| Deferred credit - preliminary bargain purchase gain | — | 273.4 | |||||||||
| Current debt due to affiliates | 10.1 | 10.0 | |||||||||
| Current maturities of long-term debt | 26.5 | 38.3 | |||||||||
| Total current liabilities | 472.3 | 763.0 | |||||||||
| Long-term debt - net | 449.3 | 430.9 | |||||||||
| Accrued benefits costs - less current portion | 119.2 | 120.3 | |||||||||
| Deferred taxes | 75.1 | 72.4 | |||||||||
| Asset retirement obligations - less current portion | 54.1 | 49.5 | |||||||||
| Other liabilities | 98.4 | 66.3 | |||||||||
| Total noncurrent liabilities | 796.1 | 739.4 | |||||||||
| TOTAL LIABILITIES | $ | 1,268.4 | $ | 1,502.4 | |||||||
| SHAREHOLDERS’ EQUITY: | |||||||||||
| Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 51,817 outstanding at September 30, 2024; 160,000 issued and 52,284 outstanding at December 31, 2023) | — | — | |||||||||
| Common stock (one cent par value, 195,000,000 authorized; 99,985,365 issued and 92,798,844 outstanding at September 30, 2024; 99,876,385 issued and 92,689,864 outstanding at December 31, 2023) | 1.0 | 1.0 | |||||||||
| Additional paid-in capital | 2,546.3 | 2,542.9 | |||||||||
| Treasury stock, at cost | (86.3) | (86.3) | |||||||||
| Accumulated other comprehensive loss | (96.4) | (97.9) | |||||||||
| Accumulated deficit | (1,712.5) | (2,004.1) | |||||||||
| Total Century shareholders’ equity | 652.1 | 355.6 | |||||||||
| Noncontrolling interests | (23.6) | (11.5) | |||||||||
| Total equity | 628.5 | 344.1 | |||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 1,896.9 | $ | 1,846.5 | |||||||
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in millions) | |||||||||||
| (Unaudited) | |||||||||||
| Nine months ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net income (loss) | $ | 280.3 | $ | (77.9) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Unrealized loss on derivative instruments | 0.8 | 84.2 | |||||||||
| Depreciation, depletion and amortization | 64.8 | 55.3 | |||||||||
| Change in deferred tax benefit (expense) | 1.7 | (23.5) | |||||||||
| Gain on sale of assets | (2.3) | — | |||||||||
| Bargain purchase gain | (245.9) | — | |||||||||
| Other non-cash items - net | 4.7 | (1.2) | |||||||||
| Change in operating assets and liabilities, net of acquisition: | |||||||||||
| Accounts receivable - net | (15.9) | 21.4 | |||||||||
| Non-trade receivables | 7.1 | — | |||||||||
| Manufacturing credit receivable | (71.9) | — | |||||||||
| Due from affiliates | 8.3 | (13.0) | |||||||||
| Inventories | (67.5) | 26.3 | |||||||||
| Prepaid and other current assets | 9.6 | 4.8 | |||||||||
| Accounts payable, trade | 40.1 | (45.1) | |||||||||
| Due to affiliates | 6.6 | 15.8 | |||||||||
| Accrued and other current liabilities | (3.9) | (2.0) | |||||||||
| Ravenswood retiree medical settlement | (2.0) | (2.0) | |||||||||
| Other - net | 2.2 | (3.5) | |||||||||
| Net cash provided by operating activities | 16.8 | 39.6 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Purchase of property, plant and equipment | (69.1) | (62.7) | |||||||||
| Proceeds from sales of property, plant and equipment | — | 25.7 | |||||||||
| Proceeds from sale of assets | 2.3 | — | |||||||||
| Acquisition of subsidiary, net of cash acquired | — | 19.4 | |||||||||
| Net cash used in investing activities | (66.8) | (17.6) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Borrowings under revolving credit facilities | 409.4 | 575.2 | |||||||||
| Repayments under revolving credit facilities | (423.6) | (632.0) | |||||||||
| Repayments under Iceland term facility | (1.2) | (9.8) | |||||||||
| Borrowings under Grundartangi casthouse debt facility | 25.0 | 40.0 | |||||||||
| Repayments under Grundartangi casthouse debt facility | (4.5) | — | |||||||||
| Borrowings under Vlissingen credit facility | — | 10.0 | |||||||||
| Carbon credit proceeds | — | 33.8 | |||||||||
| Carbon credit repayments | (10.0) | — | |||||||||
| Net cash (used) provided by financing activities | (4.9) | 17.2 | |||||||||
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (54.9) | 39.2 | |||||||||
| Cash, cash equivalents and restricted cash, beginning of period | 90.3 | 55.5 | |||||||||
| Cash, cash equivalents and restricted cash, end of period | $ | 35.4 | $ | 94.7 | |||||||
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 $ | |||||||||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||
| 3rd Quarter | 97,173 | $ | 282.6 | 71,582 | $ | 202.8 | 168,755 | $ | 485.4 | |||||||||||||||||||||||||||||
| 2nd Quarter | 93,805 | $ | 266.5 | 74,103 | $ | 185.8 | 167,908 | $ | 452.3 | |||||||||||||||||||||||||||||
| 1st Quarter | 97,602 | $ | 258.1 | 77,025 | $ | 189.5 | 174,627 | $ | 447.6 | |||||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||
| 3rd Quarter | 93,675 | $ | 265.8 | 78,320 | $ | 207.9 | 171,995 | $ | 473.7 | |||||||||||||||||||||||||||||
| 2nd Quarter | 97,224 | $ | 296.4 | 76,425 | $ | 212.3 | 173,649 | $ | 508.7 | |||||||||||||||||||||||||||||
| 1st Quarter | 102,430 | $ | 317.6 | 78,735 | $ | 210.1 | 181,165 | $ | 527.7 | |||||||||||||||||||||||||||||
(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 | ||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | |||||||||||||||||||||||||
| $MM | EPS | $MM | EPS | |||||||||||||||||||||||
| Net income (loss) attributable to Century stockholders | $ | 47.3 | $ | 0.51 | $ | (2.5) | $ | (0.03) | ||||||||||||||||||
| Less: net income (loss) allocated to participating securities | 2.5 | 0.03 | — | — | ||||||||||||||||||||||
| Net income (loss) allocated to common stockholders | 44.8 | 0.48 | (2.5) | (0.03) | ||||||||||||||||||||||
| Lower of cost or NRV inventory adjustment, net of tax | — | — | (2.0) | (0.02) | ||||||||||||||||||||||
| Unrealized loss (gain) on derivative contracts, net of tax | 1.9 | 0.02 | 1.7 | 0.02 | ||||||||||||||||||||||
| Share-based compensation | 3.2 | 0.03 | 3.5 | 0.04 | ||||||||||||||||||||||
Jamalco hurricane impact(1) | 6.9 | 0.07 | — | — | ||||||||||||||||||||||
| Impact of preferred and convertible shares | 3.2 | 0.03 | — | — | ||||||||||||||||||||||
| Adjusted net income attributable to Century stockholders | $ | 60.0 | $ | 0.63 | $ | 0.7 | $ | 0.01 | ||||||||||||||||||
(1)This amount includes Century's 55% share of incremental costs incurred due to the impact of Hurricane Beryl at Jamalco. These costs include repair costs of the damaged port, costs of alternative shipping arrangements and fixed costs incurred while alumina production was impeded.
| Three months ended | ||||||||||||||
| September 30, 2024 | June 30, 2024 | |||||||||||||
| Net income (loss) attributable to Century stockholders | $ | 47.3 | $ | (2.5) | ||||||||||
| Add: Net loss attributable to noncontrolling interests | (5.0) | (4.2) | ||||||||||||
| Net income (loss) | 42.3 | (6.7) | ||||||||||||
| Interest expense | 11.9 | 10.3 | ||||||||||||
| Interest income | (0.4) | (0.6) | ||||||||||||
| Net loss (gain) on forward and derivative contracts | 4.0 | 4.0 | ||||||||||||
| Other (income) expense - net | 4.0 | (1.1) | ||||||||||||
| Income tax expense | 2.0 | 0.5 | ||||||||||||
| Operating income | 63.8 | 6.4 | ||||||||||||
| Lower of cost or NRV inventory adjustment | — | (1.8) | ||||||||||||
| Share-based compensation | 3.2 | 3.5 | ||||||||||||
Jamalco hurricane impact (2) | 12.6 | — | ||||||||||||
| Depreciation, depletion and amortization | 24.8 | 21.9 | ||||||||||||
| Adjusted EBITDA | 104.4 | 30.0 | ||||||||||||
| Less: Adjusted EBITDA attributable to noncontrolling interests | 0.7 | (4.2) | ||||||||||||
| Adjusted EBITDA attributable to Century stockholders | 103.7 | 34.2 | ||||||||||||
(2)This amount includes Century's 100% share of incremental costs incurred due to the impact of Hurricane Beryl at Jamalco. These costs include repair costs of the damaged port, costs of alternative shipping arrangements and fixed costs incurred while alumina production was impeded.
Contact
Ryan Crawford
(Investors and media)
312-696-3132
Source: Century Aluminum Company