Century Aluminum's Net Loss Diminished in Q1 2023

SEATTLE (Scrap Monster): Century Aluminum Company reported first quarter 2023 results.

The company reported net loss of $(38.6) million for the quarter, an improvement of $74.9 million over the sequential quarter. It reported an adjusted net loss of $(11.3) million, reporting a sequential improvement of $20 million. The net sales registered a surge by 4% over Q4 2022.

The adjusted EBITDA for the quarter recorded an improvement of $36.5 million from the prior quarter to total $24.1 million in the initial quarter of the current year. The company’s liquidity position posted a decline by $4 million from the prior quarter to end Q1 2023 at $241 million, said the company press release.

Commenting on the results, Jesse Gary, President and Chief Executive Officer, Century Aluminum noted that the market conditions strengthened during the first quarter of the year, which resulted in significant improvement in financial results of the company. The U.S. energy prices continued to moderate, whereas the LME prices and regional premiums in the U.S. and Europe increased, he added.

The company expects the Q2 2023 adjusted EBITDA to range between $25 and $30 million, aided by recent addition of Jamalco into its portfolio.

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