Century Aluminum Company Reports Fourth Quarter 2024 Results
Century Aluminum (NASDAQ: CENX) reported strong Q4 2024 results with net sales of $631.0 million and net income of $47.7 million ($0.47 per diluted share). Full-year 2024 performance showed net sales of $2.2 billion and net income of $339.4 million ($3.29 per share).
Key achievements include record production at Sebree, KY facility, completion of Iceland billet casthouse expansion, and securing a $500.0 million DOE grant for a new aluminum smelter. The company recorded $92.6 million in Section 45X production tax credits.
Q4 shipments decreased 1% sequentially, while net sales increased 17% due to higher alumina sales and improved aluminum pricing. Year-end liquidity stood at $244.5 million. For Q1 2025, the company projects Adjusted EBITDA between $75-85 million, reflecting improved metal pricing offset by higher energy and raw material costs.
Century Aluminum (NASDAQ: CENX) ha riportato risultati solidi per il quarto trimestre del 2024 con vendite nette di 631,0 milioni di dollari e un reddito netto di 47,7 milioni di dollari (0,47 dollari per azione diluita). Le performance dell'intero anno 2024 hanno mostrato vendite nette di 2,2 miliardi di dollari e un reddito netto di 339,4 milioni di dollari (3,29 dollari per azione).
Tra i principali risultati ci sono la produzione record nello stabilimento di Sebree, KY, il completamento dell'espansione della fonderia di billette in Islanda e l'assegnazione di una sovvenzione di 500,0 milioni di dollari dal DOE per un nuovo impianto di fusione dell'alluminio. L'azienda ha registrato 92,6 milioni di dollari in crediti d'imposta per produzione ai sensi della Sezione 45X.
Le spedizioni del quarto trimestre sono diminuite dell'1% rispetto al trimestre precedente, mentre le vendite nette sono aumentate del 17% grazie a vendite di allumina più elevate e a un miglioramento dei prezzi dell'alluminio. Alla fine dell'anno, la liquidità si attestava a 244,5 milioni di dollari. Per il primo trimestre del 2025, l'azienda prevede un EBITDA rettificato tra 75 e 85 milioni di dollari, riflettendo un miglioramento dei prezzi dei metalli compensato da costi energetici e di materie prime più elevati.
Century Aluminum (NASDAQ: CENX) reportó resultados sólidos para el cuarto trimestre de 2024 con ventas netas de 631,0 millones de dólares y un ingreso neto de 47,7 millones de dólares (0,47 dólares por acción diluida). El rendimiento del año completo 2024 mostró ventas netas de 2,2 mil millones de dólares y un ingreso neto de 339,4 millones de dólares (3,29 dólares por acción).
Entre los logros clave se incluyen la producción récord en la planta de Sebree, KY, la finalización de la expansión de la fundición de lingotes en Islandia y la obtención de una subvención de 500,0 millones de dólares del DOE para una nueva fundición de aluminio. La compañía registró 92,6 millones de dólares en créditos fiscales por producción bajo la Sección 45X.
Los envíos en el cuarto trimestre disminuyeron un 1% secuencialmente, mientras que las ventas netas aumentaron un 17% debido a mayores ventas de alúmina y precios mejorados del aluminio. La liquidez al final del año se situó en 244,5 millones de dólares. Para el primer trimestre de 2025, la empresa proyecta un EBITDA ajustado entre 75 y 85 millones de dólares, reflejando precios mejorados de metales compensados por mayores costos de energía y materias primas.
센추리 알루미늄 (NASDAQ: CENX)는 2024년 4분기 실적을 발표하며 6억 3천 1백만 달러의 순매출과 4천 7백 7십만 달러의 순이익(희석주당 0.47달러)을 기록했습니다. 2024년 전체 실적은 22억 달러의 순매출과 3억 3천 9백 4십만 달러의 순이익(주당 3.29달러)을 보였습니다.
주요 성과로는 켄터키주 세브리 공장의 생산 기록, 아이슬란드 빌렛 주조시설 확장 완료, 그리고 새로운 알루미늄 제련소를 위한 5억 달러의 DOE 보조금 확보가 있습니다. 회사는 9260만 달러의 45X 섹션 생산 세액 공제를 기록했습니다.
4분기 선적량은 전분기 대비 1% 감소했지만, 순매출은 알루미나 판매 증가와 알루미늄 가격 개선 덕분에 17% 증가했습니다. 연말 유동성은 2억 4천 4백 5십만 달러에 달했습니다. 2025년 1분기에는 조정된 EBITDA가 7500만에서 8500만 달러 사이로 예상되며, 이는 개선된 금속 가격이 에너지 및 원자재 비용 상승에 의해 상쇄된 것입니다.
Century Aluminum (NASDAQ: CENX) a annoncé de solides résultats pour le quatrième trimestre 2024 avec des ventes nettes de 631,0 millions de dollars et un revenu net de 47,7 millions de dollars (0,47 dollar par action diluée). La performance de l'année 2024 a montré des ventes nettes de 2,2 milliards de dollars et un revenu net de 339,4 millions de dollars (3,29 dollars par action).
Parmi les réalisations clés figurent une production record à l'usine de Sebree, KY, l'achèvement de l'expansion de la fonderie de billettes en Islande et l'obtention d'une subvention de 500,0 millions de dollars du DOE pour une nouvelle fonderie d'aluminium. L'entreprise a enregistré 92,6 millions de dollars de crédits d'impôt pour production en vertu de la section 45X.
Les expéditions du quatrième trimestre ont diminué de 1 % par rapport au trimestre précédent, tandis que les ventes nettes ont augmenté de 17 % grâce à des ventes d'alumine plus élevées et à une amélioration des prix de l'aluminium. La liquidité à la fin de l'année s'élevait à 244,5 millions de dollars. Pour le premier trimestre 2025, l'entreprise prévoit un EBITDA ajusté compris entre 75 et 85 millions de dollars, reflétant une amélioration des prix des métaux compensée par des coûts énergétiques et de matières premières plus élevés.
Century Aluminum (NASDAQ: CENX) hat starke Ergebnisse für das vierte Quartal 2024 mit Nettoumsätzen von 631,0 Millionen Dollar und einem Nettogewinn von 47,7 Millionen Dollar (0,47 Dollar pro verwässerter Aktie) veröffentlicht. Die Gesamtjahresleistung 2024 zeigte Nettoumsätze von 2,2 Milliarden Dollar und einen Nettogewinn von 339,4 Millionen Dollar (3,29 Dollar pro Aktie).
Zu den wichtigsten Erfolgen gehören eine Rekordproduktion in der Anlage in Sebree, KY, der Abschluss der Erweiterung des Billet-Gießhauses in Island und die Sicherung eines 500,0 Millionen Dollar schweren DOE-Zuschusses für ein neues Aluminiumwerk. Das Unternehmen verzeichnete 92,6 Millionen Dollar an Produktionssteuergutschriften gemäß Abschnitt 45X.
Die Lieferungen im vierten Quartal gingen im Vergleich zum vorherigen Quartal um 1% zurück, während die Nettoumsätze aufgrund höherer Alumina-Verkäufe und verbesserter Aluminiumpreise um 17% stiegen. Die Liquidität zum Jahresende betrug 244,5 Millionen Dollar. Für das erste Quartal 2025 prognostiziert das Unternehmen ein bereinigtes EBITDA zwischen 75 und 85 Millionen Dollar, was eine Verbesserung der Metallpreise widerspiegelt, die durch höhere Energie- und Rohstoffkosten ausgeglichen wird.
- Net income increased to $339.4 million in 2024, up $382.5 million from 2023
- Secured $500.0 million DOE grant for new smelter construction
- Recorded $92.6 million in Section 45X production tax credits
- Achieved highest 5-year production volume at Sebree facility
- Q4 net sales increased 17% sequentially
- Strong liquidity position of $244.5 million at year-end
- Q4 primary aluminum shipments decreased 1% sequentially
- Full-year primary aluminum shipments decreased 3%
- Higher energy and raw material costs expected in Q1 2025
- Q4 Adjusted EBITDA decreased $21.3 million sequentially
Insights
Century Aluminum's Q4 2024 results reveal a complex picture of operational resilience and strategic transformation. The $47.7M quarterly net income and $82.4M adjusted EBITDA demonstrate robust performance, particularly noteworthy given industry challenges. The 17% sequential increase in net sales reflects successful optimization of pricing power and product mix, though the 1% decrease in shipments signals potential capacity utilization concerns.
The company's financial health shows marked improvement, with full-year net income reaching $339.4M, a dramatic turnaround from 2023. The $244.5M liquidity position provides substantial operational flexibility and investment capacity. The $92.6M Section 45X production tax credit effectively reduces production costs, enhancing competitiveness against international producers.
Two transformative developments warrant particular attention: First, the $500M Department of Energy grant for a new smelter represents a game-changing opportunity to modernize production capacity with likely significant efficiency improvements and reduced carbon footprint. Second, the Iceland billet casthouse expansion strategically positions the company in higher-margin value-added products, potentially improving profit resilience during market downturns.
The Q1 2025 outlook of $75-85M in Adjusted EBITDA suggests steady performance despite cost pressures. However, investors should monitor rising energy and raw material costs, as these could compress margins despite favorable metal pricing. The company's ability to maintain pricing power through regional premiums will be important for sustaining profitability levels.
CHICAGO, Feb. 20, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its fourth quarter and full year 2024 results.
Fourth Quarter 2024 Highlights
- Net sales
$631.0 million - Reported net income attributable to Century stockholders of
$47.7 million , or$0.47 per diluted share; adjusted net income of$45.9 million 1, or$0.49 per share; Adjusted EBITDA attributable to Century stockholders of$82.4 million 1 - Ending cash and cash equivalents of
$32.9 million and strong liquidity of$244.5 million as of December 31, 2024
Full Year 2024 Highlights
- Net sales
$2.2 billion - Reported net income attributable to Century stockholders of
$339.4 million , or$3.29 per share; adjusted net income of$104.0 million 1, or$1.11 per share; Adjusted EBITDA attributable to Century stockholders of$245.2 million 1 - Recorded highest annual production volume at Sebree, KY over past 5 years
- Completed Iceland billet casthouse expansion project increasing value-add product offerings
- Recorded
$92.6 million Section 45X production tax credit including direct and indirect material costs now eligible - Selected by U.S. Department of Energy to receive
$500.0 million grant to build a new aluminum smelter
Fourth Quarter & Full Year 2024 Financial Results
| $MM (except shipments and per share data) | |||||||||||
| Q4 2024 | Q3 2024 | FY 2024 | FY 2023 | ||||||||
| Shipments (tonnes) | 166,677 | 168,755 | 677,967 | 700,680 | |||||||
| Net sales | $ | 631.0 | $ | 539.1 | $ | 2,220.3 | $ | 2,185.4 | |||
| Net income (loss) attributable to Century stockholders | $ | 47.7 | $ | 47.3 | $ | 339.4 | $ | (43.1 | ) | ||
| Diluted earnings (loss) per share attributable to Century stockholders | $ | 0.47 | $ | 0.46 | $ | 3.29 | $ | (0.47 | ) | ||
| Adjusted net income(1) attributable to Century stockholders | $ | 45.9 | $ | 60.0 | $ | 104.0 | $ | 30.7 | |||
| Adjusted earnings per share(1) attributable to Century stockholders | $ | 0.49 | $ | 0.63 | $ | 1.11 | $ | 0.33 | |||
| Adjusted EBITDA(1) attributable to Century stockholders | $ | 82.4 | $ | 103.7 | $ | 245.2 | $ | 120.0 | |||
| Notes: | |||||||||||
| (1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | |||||||||||
In the fourth quarter of 2024, shipments of primary aluminum decreased
Century reported net income attributable to Century stockholders of
Adjusted EBITDA attributable to Century stockholders for the fourth quarter of 2024 was
Century's liquidity position at December 31, 2024, comprised of cash and cash equivalents of
For the full year 2024, shipments of primary aluminum decreased by
Century reported net income attributable to Century stockholders of
Adjusted EBITDA attributable to Century stockholders for the full year 2024 was
First Quarter 2025 Outlook
The company expects first quarter Adjusted EBITDA to range between
About Century Aluminum Company
Century Aluminum Company owns primary aluminum capacity in the United States and Iceland. Century's corporate offices are located in Chicago, IL. 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.
Forward-Looking Statements
Forward-looking statements in this press release and statements made by Century Aluminum Company management on the quarterly conference call, 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 prices of our key raw materials and supply and availability of those key raw materials, including alumina, coke, pitch and aluminum fluoride; Our assessment of power prices and availability, including any potential curtailments or other disruptions in the supply of power; The impact of the wars in Ukraine and in the Middle East, including any sanctions and export controls targeting Russia and businesses or individuals tied to Russia; 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 any restart of curtailed production at Mt. Holly including the timing, costs and benefits associated with restarting curtailed production; Our plans with regards to the future of our Hawesville smelter; Our plans and expectations with regards to the Grundartangi casthouse project, including our expectations as to the timing, costs and benefits associated with the Grundartangi casthouse project; Our ability to successfully obtain and/or retain competitive power arrangements for our operations, including securing necessary power arrangement for the greenfield project; The impact of Section 232 and 301 trade actions, 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, 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 expectations regarding the availability of the
| CENTURY ALUMINUM COMPANY | |||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||
| (in millions, except per share amounts) | |||||||||||
| (Unaudited) | |||||||||||
| Three months ended | |||||||||||
| December 31, | September 30, | December 31, | |||||||||
| 2024 | 2024 | 2023 | |||||||||
| NET SALES: | |||||||||||
| Related parties | $ | 340.9 | $ | 332.1 | $ | 371.8 | |||||
| Other customers | 290.1 | 207.0 | 140.5 | ||||||||
| Total net sales | 631.0 | 539.1 | 512.3 | ||||||||
| Cost of goods sold (1) | 563.2 | 457.3 | 472.9 | ||||||||
| Gross profit | 67.8 | 81.8 | 39.4 | ||||||||
| Selling, general and administrative expenses | 14.8 | 15.6 | 8.1 | ||||||||
| Other operating expense (income) - net | 2.2 | 2.4 | 2.1 | ||||||||
| Operating income | 50.8 | 63.8 | 29.2 | ||||||||
| Interest expense - affiliates | (1.6 | ) | — | (1.5 | ) | ||||||
| Interest expense | (10.1 | ) | (11.9 | ) | (7.4 | ) | |||||
| Interest income | 0.3 | 0.4 | 0.9 | ||||||||
| Net gain (loss) on forward and derivative contracts | 2.7 | (2.8 | ) | 17.9 | |||||||
| Net gain (loss) on forward and derivative contracts - affiliates | (0.1 | ) | (1.2 | ) | (6.0 | ) | |||||
| Other (expense) income - net | 1.1 | (4.0 | ) | (0.8 | ) | ||||||
| Income before income taxes | 43.1 | 44.3 | 32.3 | ||||||||
| Income tax expense | (0.2 | ) | (2.0 | ) | (6.6 | ) | |||||
| Income before equity in earnings of joint ventures | 42.9 | 42.3 | 25.7 | ||||||||
| Equity in losses of joint ventures | — | (0.0 | ) | (0.1 | ) | ||||||
| Net income | 42.9 | 42.3 | 25.6 | ||||||||
| Net loss attributable to noncontrolling interests | (4.8 | ) | (5.0 | ) | (4.4 | ) | |||||
| Net income attributable to Century stockholders | 47.7 | 47.3 | 30.0 | ||||||||
| Less: net income allocated to participating securities | 2.5 | 2.5 | 1.6 | ||||||||
| Net income allocated to common stockholders | $ | 45.2 | $ | 44.8 | $ | 28.4 | |||||
| (1) Including purchases from related party of | |||||||||||
| INCOME ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: | |||||||||||
| Basic | $ | 0.49 | $ | 0.48 | $ | 0.31 | |||||
| Diluted | $ | 0.47 | $ | 0.46 | $ | 0.30 | |||||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||||||
| Basic | 93.0 | 92.8 | 92.5 | ||||||||
| Diluted | 98.7 | 98.4 | 103.3 | ||||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| Twelve months ended | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| NET SALES: | |||||||
| Related parties | $ | 1,312.1 | $ | 1,612.1 | |||
| Other customers | 908.2 | 573.3 | |||||
| Total net sales | 2,220.3 | 2,185.4 | |||||
| Cost of goods sold (1) | 2,033.9 | 2,093.5 | |||||
| Gross profit | 186.4 | 91.9 | |||||
| Selling, general and administrative expenses | 56.8 | 44.3 | |||||
| Other operating expense - net | 6.8 | 15.8 | |||||
| Operating income (loss) | 122.8 | 31.8 | |||||
| Interest expense - affiliates | (6.7 | ) | (1.8 | ) | |||
| Interest expense | (36.4 | ) | (33.7 | ) | |||
| Interest income | 2.1 | 2.0 | |||||
| Net (loss) gain on forward and derivative contracts | (1.6 | ) | (62.4 | ) | |||
| Net gain (loss) on forward and derivative contracts - affiliates | 3.6 | 0.6 | |||||
| Bargain purchase gain | 245.9 | — | |||||
| Other (loss) income - net | (3.3 | ) | (3.3 | ) | |||
| Income (loss) before income taxes | 326.4 | (66.8 | ) | ||||
| Income tax (expense) benefit | (3.2 | ) | 14.6 | ||||
| Income (loss) before equity in earnings of joint ventures | 323.2 | (52.2 | ) | ||||
| Equity in losses of joint ventures | — | (0.1 | ) | ||||
| Net Income (loss) | 323.2 | (52.3 | ) | ||||
| Net loss attributable to noncontrolling interests | (16.2 | ) | (9.2 | ) | |||
| Net income (loss) attributable to Century stockholders | 339.4 | (43.1 | ) | ||||
| Less: net income allocated to participating securities | 17.9 | — | |||||
| Net income (loss) allocated to common stockholders | $ | 321.5 | $ | (43.1 | ) | ||
| (1) Including purchases from related party of | |||||||
| INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: | |||||||
| Basic | $ | 3.46 | $ | (0.47 | ) | ||
| Diluted | $ | 3.29 | $ | (0.47 | ) | ||
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | |||||||
| Basic | 92.8 | 92.4 | |||||
| Diluted | 98.4 | 92.4 | |||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| December 31, | |||||||
| 2024 | 2023 | ||||||
| ASSETS | |||||||
| Cash and cash equivalents | $ | 32.9 | $ | 88.8 | |||
| Restricted cash | 2.8 | 1.5 | |||||
| Accounts receivable - net | 75.8 | 53.7 | |||||
| Non-trade receivables | 13.2 | 36.2 | |||||
| Due from affiliates | 25.1 | 20.2 | |||||
| Manufacturing credit receivable | 81.5 | 59.3 | |||||
| Inventories | 539.0 | 477.0 | |||||
| Derivative assets | 4.2 | 2.9 | |||||
| Prepaid and other current assets | 28.3 | 27.5 | |||||
| Total current assets | 802.8 | 767.1 | |||||
| Property, plant and equipment - net | 978.3 | 1,004.2 | |||||
| Manufacturing credit receivable - less current portion | 70.4 | — | |||||
| Other assets | 87.9 | 75.2 | |||||
| TOTAL | $ | 1,939.4 | $ | 1,846.5 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
| LIABILITIES: | |||||||
| Accounts payable, trade | $ | 187.3 | $ | 249.5 | |||
| Accrued compensation and benefits | 49.8 | 38.1 | |||||
| Due to affiliates | 109.3 | 101.4 | |||||
| Accrued and other current liabilities | 41.9 | 50.9 | |||||
| Derivative liabilities | 4.4 | 1.4 | |||||
| Deferred credit - preliminary bargain purchase gain | — | 273.4 | |||||
| Current debt due to affiliates | — | 10.0 | |||||
| Current maturities of long-term debt | 70.9 | 38.3 | |||||
| Total current liabilities | 463.6 | 763.0 | |||||
| Long-term debt | 447.3 | 430.9 | |||||
| Long-term debt due to affiliates | 10.0 | — | |||||
| Accrued benefits costs - less current portion | 115.2 | 120.3 | |||||
| Other liabilities | 92.6 | 66.3 | |||||
| Deferred taxes | 71.2 | 72.4 | |||||
| Asset retirement obligations - less current portion | 61.5 | 49.5 | |||||
| Total noncurrent liabilities | 797.8 | 739.4 | |||||
| SHAREHOLDERS’ EQUITY: | |||||||
| Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 49,715 issued and outstanding at December 31, 2024; 160,000 issued and 52,284 outstanding at December 31, 2023) | 0.0 | 0.0 | |||||
| Common stock (one cent par value, 195,000,000 authorized; 100,475,086 issued and 93,288,565 outstanding at December 31, 2024; 99,876,385 issued and 92,689,864 outstanding at December 31, 2023) | 1.0 | 1.0 | |||||
| Additional paid-in capital | 2,550.2 | 2,542.9 | |||||
| Treasury stock, at cost | (86.3 | ) | (86.3 | ) | |||
| Accumulated other comprehensive loss | (90.6 | ) | (97.9 | ) | |||
| Accumulated deficit | (1,664.6 | ) | (2,004.1 | ) | |||
| Total Century shareholders’ equity | 709.7 | 355.6 | |||||
| Noncontrolling interest | (31.7 | ) | (11.5 | ) | |||
| Total equity | 678.0 | 344.1 | |||||
| TOTAL | $ | 1,939.4 | $ | 1,846.5 | |||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| (Unaudited) | |||||||
| Twelve months ended December 31, | |||||||
| 2024 | 2023 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income (loss) | $ | 323.2 | $ | (52.3 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||
| Lower of cost or NRV inventory adjustment | 2.3 | — | |||||
| Unrealized loss (gain) on derivative instruments | (5.0 | ) | 87.1 | ||||
| Depreciation, depletion and amortization | 81.8 | 74.7 | |||||
| Change in deferred tax (benefit) provision | (1.3 | ) | (30.8 | ) | |||
| Gain on sale of assets | (2.3 | ) | — | ||||
| Bargain purchase gain | (245.9 | ) | — | ||||
| Other non-cash items - net | 6.6 | 3.4 | |||||
| Change in operating assets and liabilities, net of acquisition: | |||||||
| Accounts receivable - net | (29.5 | ) | 36.9 | ||||
| Non-trade receivables | 31.5 | 4.1 | |||||
| Manufacturing credit receivable | (92.6 | ) | (59.3 | ) | |||
| Due from affiliates | (4.9 | ) | (15.5 | ) | |||
| Inventories | (64.3 | ) | 25.8 | ||||
| Prepaid and other current assets | 1.0 | 2.9 | |||||
| Accounts payable, trade | (20.3 | ) | (19.4 | ) | |||
| Due to affiliates | 26.1 | 51.7 | |||||
| Accrued and other current liabilities | (1.2 | ) | — | ||||
| Force majeure settlement | (12.3 | ) | — | ||||
| Ravenswood retiree legal settlement | (2.0 | ) | (2.0 | ) | |||
| PBGC settlement | (0.3 | ) | (4.5 | ) | |||
| Other - net | (15.2 | ) | 2.8 | ||||
| Net cash (used in) provided by operating activities | (24.6 | ) | 105.6 | ||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchase of property, plant and equipment | (82.3 | ) | (95.0 | ) | |||
| Proceeds from co-tenancy assets at Jamalco JV | 12.7 | 0.0 | |||||
| Proceeds from sale of property, plant and equipment | 2.3 | 25.7 | |||||
| Acquisition of subsidiary net of cash acquired | — | 11.5 | |||||
| Net cash used in investing activities | (67.3 | ) | (57.8 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Borrowings under revolving credit facilities | 735.4 | 656.9 | |||||
| Repayments under revolving credit facilities | (705.1 | ) | (758.2 | ) | |||
| Borrowings under Grundartangi casthouse debt facility | 25.0 | 55.0 | |||||
| Repayments on casthouse facility | (6.8 | ) | — | ||||
| Repayments under Iceland term facility | (1.2 | ) | (13.5 | ) | |||
| Borrowings under Vlissingen facility agreement | — | 10.0 | |||||
| Carbon credit proceeds | — | 36.8 | |||||
| Carbon credit repayments | (10.0 | ) | — | ||||
| Net cash provided by (used in) financing activities | 37.3 | (13.0 | ) | ||||
| CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | (54.6 | ) | 34.8 | ||||
| Cash, cash equivalents and restricted cash, beginning of year | 90.3 | 55.5 | |||||
| Cash, cash equivalents and restricted cash, end of year | $ | 35.7 | $ | 90.3 | |||
| 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 | |||||||||||||||
| 4th Quarter | 89,613 | $ | 267.4 | 77,064 | $ | 215.2 | 166,677 | $ | 482.6 | ||||||
| 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 | ||||||
| Full Year 2024 | 378,193 | $ | 1,074.6 | 299,774 | $ | 793.3 | 677,967 | $ | 1,867.9 | ||||||
| Full Year 2023 | 389,331 | $ | 1,139.0 | 311,349 | $ | 827.0 | 700,680 | $ | 1,966.0 | ||||||
| Notes: | |||||||||||||||
| (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 | |||||||||||||
| December 31, 2024 | September 30, 2024 | ||||||||||||
$MM | EPS | $MM | EPS | ||||||||||
| Net income attributable to Century stockholders | $ | 47.7 | $ | 0.51 | $ | 47.3 | $ | 0.51 | |||||
| Less: net income allocated to participating securities | 2.5 | 0.03 | 2.5 | 0.03 | |||||||||
| Net income allocated to common stockholders | 45.2 | 0.48 | 44.8 | 0.48 | |||||||||
| Lower of cost or NRV inventory adjustment, net of tax | 2.0 | 0.02 | — | — | |||||||||
| Unrealized loss on derivative contracts, net of tax | (5.8 | ) | (0.06 | ) | 1.9 | 0.02 | |||||||
| Share-based compensation | 5.3 | 0.06 | 3.2 | 0.03 | |||||||||
| Jamalco hurricane impact(1) | — | — | 6.9 | 0.07 | |||||||||
| Impact of preferred and convertible shares | (0.8 | ) | (0.01 | ) | 3.2 | 0.03 | |||||||
| Adjusted net income (loss) attributable to Century stockholders | $ | 45.9 | $ | 0.49 | $ | 60.0 | $ | 0.63 | |||||
| Notes: | |||||||||||||
| (1)This amount includes Century's | |||||||||||||
| Three months ended | |||||||
| December 31, 2024 | September 30, 2024 | ||||||
| Net income attributable to Century stockholders, as reported | $ | 47.7 | $ | 47.3 | |||
| Add: Net loss attributable to noncontrolling interests | (4.8 | ) | (5.0 | ) | |||
| Net income | 42.9 | 42.3 | |||||
| Interest expense - affiliates | 1.6 | — | |||||
| Interest expense | 10.1 | 11.9 | |||||
| Interest income | (0.3 | ) | (0.4 | ) | |||
| Net (gain) loss on forward and derivative contracts | (2.6 | ) | 4.0 | ||||
| Other expense (income) - net | (1.1 | ) | 4.0 | ||||
| Income tax expense | 0.2 | 2.0 | |||||
| Operating income | 50.8 | 63.8 | |||||
| Lower of cost or NRV inventory adjustment | 2.4 | — | |||||
| Share-based compensation | 5.3 | 3.2 | |||||
| Jamalco hurricane impact (2) | — | 12.6 | |||||
| Depreciation, depletion and amortization | 19.1 | 24.8 | |||||
| Adjusted EBITDA | 77.6 | 104.4 | |||||
| Less: Adjusted EBITDA attributable to noncontrolling interests | (4.8 | ) | 0.7 | ||||
| Adjusted EBITDA attributable to Century stockholders | $ | 82.4 | $ | 103.7 | |||
| Notes: | |||||||
| (2) This amount includes Century's | |||||||
| Twelve months ended | |||||||||||||||
| December 31, 2024 | December 31, 2023 | ||||||||||||||
| $MM | EPS | $MM | EPS | ||||||||||||
| Net income (loss) attributable to Century stockholders | $ | 339.4 | $ | 3.66 | $ | (43.1 | ) | $ | (0.47 | ) | |||||
| Less: net income allocated to participating securities | 17.9 | 0.20 | — | — | |||||||||||
| Net income (loss) allocated to common stockholders | 321.5 | 3.46 | (43.1 | ) | (0.47 | ) | |||||||||
| Lower of cost or NRV inventory adjustment, net of tax | (6.4 | ) | (0.07 | ) | (26.2 | ) | (0.28 | ) | |||||||
| Unrealized (gain) loss on derivative contracts, net of tax | (5.5 | ) | (0.06 | ) | 68.3 | 0.74 | |||||||||
| Bargain purchase gain | (245.9 | ) | (2.65 | ) | — | — | |||||||||
| Jamalco hurricane impact (1) | 6.9 | 0.07 | — | — | |||||||||||
| Hawesville curtailment costs | — | — | 9.0 | 0.10 | |||||||||||
| Share-based compensation | 15.5 | 0.17 | 6.6 | 0.07 | |||||||||||
| Santee Cooper settlement | — | — | (2.5 | ) | (0.03 | ) | |||||||||
| Jamalco acquisition costs | — | — | 1.5 | 0.02 | |||||||||||
| Jamalco equipment failure | 4.7 | 0.05 | 16.7 | 0.18 | |||||||||||
| Impact of preferred and convertible shares | 13.2 | 0.14 | 0.4 | — | |||||||||||
| Adjusted net income attributable to Century stockholders | $ | 104.0 | $ | 1.11 | $ | 30.7 | $ | 0.33 | |||||||
| Notes: | |||||||||||||||
| (1) This amount includes Century's | |||||||||||||||
| Twelve months ended | |||||||
| December 31, 2024 | December 31, 2023 | ||||||
| Net income (loss) attributable to Century stockholders, as reported | $ | 339.4 | $ | (43.1 | ) | ||
| Add: Net loss attributable to noncontrolling interests | (16.2 | ) | (9.2 | ) | |||
| Net income (loss) | 323.2 | (52.3 | ) | ||||
| Interest expense - affiliates | 6.7 | 1.8 | |||||
| Interest expense | 36.4 | 33.7 | |||||
| Interest income | (2.1 | ) | (2.0 | ) | |||
| Net (gain) loss on forward and derivative contracts | (2.0 | ) | 61.8 | ||||
| Bargain purchase gain | (245.9 | ) | — | ||||
| Other expense (income) - net | 3.3 | 3.3 | |||||
| Income tax expense (benefit) | 3.2 | (14.6 | ) | ||||
| Equity in losses of joint ventures | — | 0.1 | |||||
| Operating income | 122.8 | 31.8 | |||||
| Lower of cost or NRV inventory adjustment | (6.4 | ) | (30.9 | ) | |||
| Hawesville curtailment costs | — | 9.0 | |||||
| Share-based compensation | 15.5 | 6.6 | |||||
| Santee Cooper settlement | — | (2.5 | ) | ||||
| Jamalco acquisition costs | — | 1.5 | |||||
| Jamalco equipment failure | 8.5 | 30.4 | |||||
| Depreciation, depletion and amortization | 87.7 | 81.6 | |||||
| Adjusted EBITDA | 240.7 | 127.5 | |||||
| Less: Adjusted EBITDA attributable to noncontrolling interests | (4.5 | ) | 7.5 | ||||
| Adjusted EBITDA attributable to Century stockholders | $ | 245.2 | $ | 120.0 | |||
INVESTOR CONTACT
Ryan Crawford
312-696-3132
MEDIA CONTACT
Tawn Earnest
614-698-6351
Source: Century Aluminum Company
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