Century Aluminum Company Reports Fourth Quarter 2024 Results

SEATTLE (Scrap Monster): 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 million1, or $0.49 per share; Adjusted EBITDA attributable to Century stockholders of $82.4 million1

-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 million1, or $1.11 per share; Adjusted EBITDA attributable to Century stockholders of $245.2 million1

-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

In the fourth quarter of 2024, shipments of primary aluminum decreased 1% sequentially.  Net sales for the fourth quarter of 2024 increased by 17% sequentially primarily due to higher third-party alumina sales, higher aluminum price, and increased regional premiums.

Century reported net income attributable to Century stockholders of $47.7 million for the fourth quarter of 2024, a $0.4 million improvement sequentially primarily attributed to a nonrecurring benefit from a force majeure settlement, recovery from Hurricane Beryl, and improved realized metal prices and regional premiums offset by the one-time IRA 45X adjustment for final regulations published in the third quarter. Fourth quarter results were impacted by $0.7 million of net exceptional items, in particular $5.8 million of unrealized losses on forward derivative contracts (net of tax), more than offset by $5.3 million in share-based compensation costs and $2.0 million of lower cost or net realizable value inventory adjustment (net of tax). Thus, Century reported an adjusted net income of $45.9 million for the fourth quarter of 2024, a $14.1 million change sequentially.

Adjusted EBITDA attributable to Century stockholders for the fourth quarter of 2024 was $82.4 million. This was a sequential decrease of $21.3 million due to updated U.S. Treasury guidance allowing a one-time Section 45X true up in the third quarter. Normalizing for the one-time Section 45X true up, Adjusted EBITDA improved primarily driven by favorable realized LME and regional price premiums and a nonrecurring benefit from a force majeure settlement, partially offset by additional operating expenses and higher raw materials costs.

Courtesy: www.finance.yahoo.com