Century Aluminum Company Reports First Quarter 2025 Results
Century Aluminum (NASDAQ: CENX) reported its Q1 2025 financial results with net sales of $633.9 million, up $3.0 million from Q4 2024. The company achieved net income of $29.7 million ($0.29 per diluted share), down from $45.2 million in Q4 2024. Aluminum shipments increased 1% to 168,672 tonnes.
Key highlights include a 38% increase in Midwest premium to $602, a $16.2 million positive impact from increased Section 232 aluminum tariffs, and adjusted EBITDA of $78.0 million. The company secured a new five-year labor contract for Grundartangi smelter and extended its power agreement with ON Power through Q1 2032. Century maintained strong liquidity of $339.1 million, including $44.9 million in cash.
For Q2 2025, Century expects adjusted EBITDA between $80-90 million, driven by increased Midwest regional premium and lower energy costs, partially offset by planned maintenance and seasonal labor expenses.
Century Aluminum (NASDAQ: CENX) ha comunicato i risultati finanziari del primo trimestre 2025 con ricavi netti di 633,9 milioni di dollari, in aumento di 3,0 milioni rispetto al quarto trimestre 2024. L'azienda ha registrato un utile netto di 29,7 milioni di dollari (0,29 dollari per azione diluita), in calo rispetto ai 45,2 milioni del quarto trimestre 2024. Le spedizioni di alluminio sono aumentate dell'1%, raggiungendo 168.672 tonnellate.
I punti salienti includono un aumento del 38% del premio Midwest a 602 dollari, un impatto positivo di 16,2 milioni di dollari dovuto all'incremento dei dazi sull'alluminio della Sezione 232 e un EBITDA rettificato di 78,0 milioni di dollari. La societ脿 ha siglato un nuovo contratto sindacale quinquennale per lo stabilimento di Grundartangi e ha prorogato l'accordo energetico con ON Power fino al primo trimestre 2032. Century ha mantenuto una solida liquidit脿 di 339,1 milioni di dollari, di cui 44,9 milioni in contanti.
Per il secondo trimestre 2025, Century prevede un EBITDA rettificato compreso tra 80 e 90 milioni di dollari, sostenuto dall'aumento del premio regionale Midwest e dalla riduzione dei costi energetici, parzialmente compensati da manutenzioni programmate e spese stagionali per il personale.
Century Aluminum (NASDAQ: CENX) report贸 sus resultados financieros del primer trimestre de 2025 con ventas netas de 633,9 millones de d贸lares, un aumento de 3,0 millones respecto al cuarto trimestre de 2024. La compa帽铆a logr贸 un ingreso neto de 29,7 millones de d贸lares (0,29 d贸lares por acci贸n diluida), disminuyendo desde los 45,2 millones del cuarto trimestre de 2024. Los env铆os de aluminio aumentaron un 1%, alcanzando 168.672 toneladas.
Los aspectos destacados incluyen un aumento del 38% en la prima del Medio Oeste a 602 d贸lares, un impacto positivo de 16,2 millones de d贸lares debido a mayores aranceles al aluminio de la Secci贸n 232 y un EBITDA ajustado de 78,0 millones de d贸lares. La empresa asegur贸 un nuevo contrato laboral de cinco a帽os para la fundici贸n de Grundartangi y extendi贸 su acuerdo energ茅tico con ON Power hasta el primer trimestre de 2032. Century mantuvo una fuerte liquidez de 339,1 millones de d贸lares, incluyendo 44,9 millones en efectivo.
Para el segundo trimestre de 2025, Century espera un EBITDA ajustado entre 80 y 90 millones de d贸lares, impulsado por el aumento de la prima regional del Medio Oeste y menores costos energ茅ticos, parcialmente compensado por mantenimiento planificado y gastos laborales estacionales.
Century Aluminum (NASDAQ: CENX)電� 2025雲� 1攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 靾滊Г於� 6鞏� 3,390毵� 雼煬毳� 旮半, 2024雲� 4攵勱赴 雽�牍� 300毵� 雼煬 歃濌皜頄堨姷雼堧嫟. 須岇偓電� 靾滌澊鞚� 2,970毵� 雼煬(頋劃 欤茧嫻 0.29雼煬)毳� 雼劚頄堨溂雮�, 鞚措姅 2024雲� 4攵勱赴 4,520毵� 雼煬鞐愳劀 臧愳唽頃� 靾橃箻鞛呺媹雼�. 鞎岆（氙鸽妱 於滍晿霟夓潃 1% 歃濌皜頃� 168,672韱�鞚� 旮半頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� 氙鸽摐鞗姢韸� 頂勲Μ氙胳梽鞚� 38% 靸侅姽頃橃棳 602雼煬毳� 旮半頄堦碃, 靹轨厴 232 鞎岆（氙鸽妱 甏�靹� 鞚胳儊鞙茧 鞚疙暅 1,620毵� 雼煬鞚� 旮嶌爼鞝� 鞓來枼, 攴鸽Μ瓿� 臁办爼 EBITDA臧� 7,800毵� 雼煬鞐� 雼枅鞀惦媹雼�. 須岇偓電� Grundartangi 鞝滊牗靻岆ゼ 鞙勴暅 5雲� 雲鸽彊 瓿勳暯鞚� 觳搓舶頃橁碃 ON Power鞕�鞚� 鞝勲牓 瓿勳暯鞚� 2032雲� 1攵勱赴旯岇 鞐办灔頄堨姷雼堧嫟. Century電� 4,490毵� 雼煬 順勱笀鞚� 韽暔頃� 3鞏� 3,910毵� 雼煬鞚� 臧曤牓頃� 鞙犽彊靹膘潉 鞙犾頄堨姷雼堧嫟.
2025雲� 2攵勱赴鞐愲姅 氙鸽摐鞗姢韸� 歆�鞐� 頂勲Μ氙胳梽 靸侅姽瓿� 鞐愲剤歆� 牍勳毄 鞝堦皭鞙茧 鞚疙暣 臁办爼 EBITDA臧� 8,000毵岇棎靹� 9,000毵� 雼煬 靷澊臧� 霅� 瓴冹溂搿� 鞓堨儊霅橂┌, 鞚措姅 鞓堨爼霅� 鞙犾氤挫垬 氚� 瓿勳爤鞝� 鞚戈贝牍� 歃濌皜鞐� 鞚茧秬 靸侅噭霅� 鞝勲鞛呺媹雼�.
Century Aluminum (NASDAQ: CENX) a publi茅 ses r茅sultats financiers du premier trimestre 2025 avec des ventes nettes de 633,9 millions de dollars, en hausse de 3,0 millions par rapport au quatri猫me trimestre 2024. La soci茅t茅 a r茅alis茅 un b茅n茅fice net de 29,7 millions de dollars (0,29 dollar par action dilu茅e), en baisse par rapport 脿 45,2 millions au quatri猫me trimestre 2024. Les exp茅ditions d'aluminium ont augment茅 de 1 % pour atteindre 168 672 tonnes.
Les points cl茅s incluent une augmentation de 38 % de la prime Midwest 脿 602 dollars, un impact positif de 16,2 millions de dollars li茅 脿 l'augmentation des droits de douane sur l'aluminium de la Section 232, et un EBITDA ajust茅 de 78,0 millions de dollars. La soci茅t茅 a conclu un nouveau contrat de travail de cinq ans pour la fonderie de Grundartangi et a prolong茅 son accord d'approvisionnement en 茅nergie avec ON Power jusqu'au premier trimestre 2032. Century a maintenu une solide liquidit茅 de 339,1 millions de dollars, dont 44,9 millions en liquidit茅s.
Pour le deuxi猫me trimestre 2025, Century pr茅voit un EBITDA ajust茅 compris entre 80 et 90 millions de dollars, soutenu par une prime r茅gionale Midwest en hausse et des co没ts 茅nerg茅tiques plus faibles, partiellement compens茅s par des travaux de maintenance pr茅vus et des d茅penses saisonni猫res de main-d'艙uvre.
Century Aluminum (NASDAQ: CENX) ver枚ffentlichte seine Finanzergebnisse f眉r das erste Quartal 2025 mit Nettoerl枚sen von 633,9 Millionen US-Dollar, ein Anstieg um 3,0 Millionen gegen眉ber dem vierten Quartal 2024. Das Unternehmen erzielte einen Nettoertrag von 29,7 Millionen US-Dollar (0,29 US-Dollar je verw盲sserter Aktie), was einem R眉ckgang gegen眉ber 45,2 Millionen im vierten Quartal 2024 entspricht. Die Aluminiumlieferungen stiegen um 1 % auf 168.672 Tonnen.
Zu den wichtigsten Highlights z盲hlen ein Anstieg der Midwest-Pr盲mie um 38 % auf 602 US-Dollar, ein positiver Effekt von 16,2 Millionen US-Dollar durch erh枚hte Aluminiumz枚lle nach Abschnitt 232 und ein bereinigtes EBITDA von 78,0 Millionen US-Dollar. Das Unternehmen sicherte sich einen neuen f眉nfj盲hrigen Tarifvertrag f眉r das Werk in Grundartangi und verl盲ngerte seine Stromvereinbarung mit ON Power bis zum ersten Quartal 2032. Century hielt eine starke Liquidit盲t von 339,1 Millionen US-Dollar, davon 44,9 Millionen in bar.
F眉r das zweite Quartal 2025 erwartet Century ein bereinigtes EBITDA zwischen 80 und 90 Millionen US-Dollar, getrieben durch eine h枚here regionale Midwest-Pr盲mie und niedrigere Energiekosten, teilweise ausgeglichen durch geplante Wartungsarbeiten und saisonale Personalkosten.
- Net sales increased by $3.0 million sequentially to $633.9 million
- Aluminum shipments grew 1% to 168,672 tonnes
- Midwest premium increased 38% from prior quarter
- $16.2 million positive impact from Section 232 aluminum tariffs
- Strong liquidity position of $339.1 million
- Extended power purchase agreement through Q1 2032
- Positive Q2 2025 outlook with expected EBITDA of $80-90 million
- Net income decreased by $15.5 million sequentially to $29.7 million
- Adjusted EBITDA declined by $2.9 million to $78.0 million
- Higher input and energy costs impacted profitability
- $3.5 million in emergency energy charges at Mt. Holly smelter
- $3.0 million of unrealized losses on derivative instruments
Insights
Century Aluminum delivered mixed Q1 results with minimal revenue growth but significant profit decline amid cost pressures, partially offset by tariff benefits and higher pricing.
Century Aluminum's Q1 2025 results reveal a company navigating significant cost headwinds while benefiting from favorable pricing and trade policies. Net sales increased marginally by
The most striking aspect of these results is the substantial decline in net income, which fell
Adjusted EBITDA, a key metric for operational performance, showed more resilience, declining only
Century's operational liquidity remains robust at
Looking ahead, management projects Q2 2025 Adjusted EBITDA to improve to
The
CHICAGO, May 07, 2025 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2025 results.
First Quarter 2025 Financial Results
| $MM (except shipments and per share data) | ||||||
| 听 | Q1 2025 | 听 | Q4 2024 | 听 | ||
| Aluminum shipments (tonnes) | 听 | 168,672 | 听 | 听 | 166,677 | 听 |
| Net sales | $ | 633.9 | 听 | $ | 630.9 | 听 |
| Net income attributable to Century stockholders | $ | 29.7 | 听 | $ | 45.2 | 听 |
| Diluted earnings per share attributable to Century stockholders | $ | 0.29 | 听 | $ | 0.44 | 听 |
| Adjusted net income attributable to Century stockholders(1) | $ | 36.6 | 听 | $ | 43.5 | 听 |
| Adjusted earnings per share attributable to Century stockholders(1) | $ | 0.36 | 听 | $ | 0.42 | 听 |
| Adjusted EBITDA attributable to Century stockholders(1) | $ | 78.0 | 听 | $ | 80.9 | 听 |
| 听 | 听 | 听 | 听 | 听 | ||
| Notes: | 听 | 听 | 听 | 听 | ||
| (1)Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures. | ||||||
| 听 | ||||||
Business Highlights
- Shipped 168,672 tonnes, an increase of
1% sequentially - Reached net sales of
$633.9 million , an increase of$3.0 million sequentially - AG真人官方ized Midwest premium of
$602 increased38% from prior quarter - Recorded a positive impact of
$16.2 million to Century results from the increase in Section 232 aluminum tariffs to25% , along with the removal of country exemptions - Achieved adjusted EBITDA attributable to Century stockholders of
$78.0 million - Approved a new, five-year labor contract for the Grundartangi smelter
- Extended power purchase agreement with largest power provider in Iceland, ON Power, through Q1 2032
- Posted cash and cash equivalents of
$44.9 million and strong liquidity of$339.1 million as of March听31, 2025
Net sales for the first quarter ended March听31, 2025 increased by
Century reported net income attributable to Century stockholders of
Adjusted EBITDA attributable to Century stockholders for the first quarter of 2025 was
Century's liquidity position at March听31, 2025 was
Second Quarter 2025 Outlook
The company expects second quarter Adjusted EBITDA to range between
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听听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.听These non-GAAP financial measures facilitate comparisons of this period鈥檚 results with prior periods on a consistent basis by excluding items that management does not believe are indicative of Century鈥檚 ongoing operating performance and ability to generate cash.听Management believes these non-GAAP financial measures enhance an overall understanding of Century鈥檚 performance and our investors鈥� ability to review Century鈥檚 business from the same perspective as management.听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.听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.听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 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 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 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 and other 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
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.
| 听 | |||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| 听 | Three months ended | ||||||
| 听 | March 31, | 听 | December 31, | ||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| Net sales | 听 | 听 | 听 | ||||
| Related parties | $ | 378.7 | 听 | 听 | $ | 340.8 | 听 |
| Other customers | 听 | 255.2 | 听 | 听 | 听 | 290.1 | 听 |
| Total net sales | 听 | 633.9 | 听 | 听 | 听 | 630.9 | 听 |
| Cost of goods sold | 听 | 573.3 | 听 | 听 | 听 | 564.6 | 听 |
| Gross profit | 听 | 60.6 | 听 | 听 | 听 | 66.3 | 听 |
| Selling, general and administrative expenses | 听 | 12.5 | 听 | 听 | 听 | 14.8 | 听 |
| Other operating expense - net | 听 | 2.0 | 听 | 听 | 听 | 2.2 | 听 |
| Operating income | 听 | 46.1 | 听 | 听 | 听 | 49.3 | 听 |
| Interest expenses - nonaffiliates | 听 | (10.0 | ) | 听 | 听 | (10.1 | ) |
| Interest expense - affiliates | 听 | (1.8 | ) | 听 | 听 | (1.6 | ) |
| Interest income | 听 | 1.8 | 听 | 听 | 听 | 0.4 | 听 |
| Net (loss) gain on forward and derivative contracts - nonaffiliates | 听 | (5.4 | ) | 听 | 听 | 2.7 | 听 |
| Net loss on forward and derivative contracts - affiliates | 听 | 鈥� | 听 | 听 | 听 | (0.1 | ) |
| Other income (loss) - net | 听 | (3.4 | ) | 听 | 听 | (0.1 | ) |
| Income before income taxes | 听 | 27.3 | 听 | 听 | 听 | 40.5 | 听 |
| Income tax expense | 听 | (1.6 | ) | 听 | 听 | (0.2 | ) |
| Income before equity in earnings of joint ventures | 听 | 25.7 | 听 | 听 | 听 | 40.3 | 听 |
| Equity in losses of joint ventures | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 |
| Net income | 听 | 25.7 | 听 | 听 | 听 | 40.4 | 听 |
| Net loss attributable to noncontrolling interests | 听 | (4.0 | ) | 听 | 听 | (4.8 | ) |
| Net income attributable to Century stockholders | 听 | 29.7 | 听 | 听 | 听 | 45.2 | 听 |
| Less: net income allocated to participating securities | 听 | 1.5 | 听 | 听 | 听 | 2.4 | 听 |
| Net income allocated to common stockholders | $ | 28.2 | 听 | 听 | $ | 42.8 | 听 |
| 听 | 听 | 听 | 听 | ||||
| INCOME ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: | 听 | 听 | |||||
| Basic | $ | 0.30 | 听 | 听 | $ | 0.46 | 听 |
| Diluted | $ | 0.29 | 听 | 听 | $ | 0.44 | 听 |
| WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: | 听 | 听 | 听 | ||||
| Basic | 听 | 93.3 | 听 | 听 | 听 | 93.0 | 听 |
| Diluted | 听 | 99.2 | 听 | 听 | 听 | 98.7 | 听 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 |
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| (in millions, except per share amounts) | |||||||
| (Unaudited) | |||||||
| 听 | March 31, 2025 | 听 | December 31, 2024 | ||||
| ASSETS | 听 | 听 | 听 | ||||
| Cash and cash equivalents | $ | 44.9 | 听 | 听 | $ | 32.9 | 听 |
| Restricted cash | 听 | 2.8 | 听 | 听 | 听 | 2.8 | 听 |
| Accounts receivable - net | 听 | 108.9 | 听 | 听 | 听 | 75.8 | 听 |
| Non-trade receivables | 听 | 鈥� | 听 | 听 | 听 | 13.2 | 听 |
| Due from affiliates | 听 | 8.4 | 听 | 听 | 听 | 25.1 | 听 |
| Manufacturing credit receivable | 听 | 81.5 | 听 | 听 | 听 | 81.5 | 听 |
| Inventories | 听 | 542.2 | 听 | 听 | 听 | 539.0 | 听 |
| Derivative assets | 听 | 7.6 | 听 | 听 | 听 | 4.2 | 听 |
| Prepaid and other current assets | 听 | 25.6 | 听 | 听 | 听 | 28.3 | 听 |
| Total current assets | 听 | 821.9 | 听 | 听 | 听 | 802.8 | 听 |
| Property, plant and equipment - net | 听 | 972.2 | 听 | 听 | 听 | 978.3 | 听 |
| Manufacturing credit receivable - less current portion | 听 | 91.1 | 听 | 听 | 听 | 70.4 | 听 |
| Other assets | 听 | 69.3 | 听 | 听 | 听 | 87.9 | 听 |
| TOTAL | $ | 1,954.5 | 听 | 听 | $ | 1,939.4 | 听 |
| LIABILITIES AND SHAREHOLDERS鈥� EQUITY | 听 | 听 | 听 | ||||
| LIABILITIES: | 听 | 听 | 听 | ||||
| Accounts payable, trade | $ | 201.7 | 听 | 听 | $ | 187.3 | 听 |
| Non-trade payable | 听 | 7.4 | 听 | 听 | 听 | 鈥� | 听 |
| Accrued compensation and benefits | 听 | 40.6 | 听 | 听 | 听 | 49.8 | 听 |
| Due to affiliates | 听 | 122.6 | 听 | 听 | 听 | 109.3 | 听 |
| Accrued and other current liabilities | 听 | 36.6 | 听 | 听 | 听 | 42.0 | 听 |
| Derivative liabilities | 听 | 10.2 | 听 | 听 | 听 | 4.4 | 听 |
| Current maturities of long-term debt | 听 | 28.3 | 听 | 听 | 听 | 70.9 | 听 |
| Total current liabilities | 听 | 447.4 | 听 | 听 | 听 | 463.7 | 听 |
| Long-term debt | 听 | 444.3 | 听 | 听 | 听 | 447.3 | 听 |
| Long-term debt due to affiliates | 听 | 10.0 | 听 | 听 | 听 | 10.0 | 听 |
| Accrued benefits costs - less current portion | 听 | 129.3 | 听 | 听 | 听 | 130.4 | 听 |
| Other liabilities | 听 | 95.7 | 听 | 听 | 听 | 92.6 | 听 |
| Deferred taxes | 听 | 72.7 | 听 | 听 | 听 | 71.2 | 听 |
| Asset retirement obligations - less current portion | 听 | 64.4 | 听 | 听 | 听 | 61.5 | 听 |
| Total noncurrent liabilities | 听 | 816.4 | 听 | 听 | 听 | 813.0 | 听 |
| SHAREHOLDERS鈥� EQUITY: | 听 | 听 | 听 | ||||
| Series A Preferred stock (one cent par value, 5,000,000 shares authorized; 160,000 issued and 49,679 outstanding at March听31, 2025; 160,000 issued and 49,715 outstanding at December听31, 2024) | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Common stock (one cent par value, 195,000,000 authorized; 100,483,458 issued and 93,296,937 outstanding at March听31, 2025; 100,475,086 issued and 93,288,565 outstanding at December听31, 2024) | 听 | 1.0 | 听 | 听 | 听 | 1.0 | 听 |
| Additional paid-in capital | 听 | 2,550.8 | 听 | 听 | 听 | 2,550.2 | 听 |
| Treasury stock, at cost | 听 | (86.3 | ) | 听 | 听 | (86.3 | ) |
| Accumulated other comprehensive loss | 听 | (101.6 | ) | 听 | 听 | (103.3 | ) |
| Accumulated deficit | 听 | (1,637.6 | ) | 听 | 听 | (1,667.2 | ) |
| Total shareholders鈥� equity | 听 | 726.3 | 听 | 听 | 听 | 694.4 | 听 |
| Noncontrolling interest | 听 | (35.6 | ) | 听 | 听 | (31.7 | ) |
| Total equity | 听 | 690.7 | 听 | 听 | 听 | 662.7 | 听 |
| TOTAL | $ | 1,954.5 | 听 | 听 | $ | 1,939.4 | 听 |
| 听 | |||||||
| CENTURY ALUMINUM COMPANY | |||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in millions) | |||||||
| (Unaudited) | |||||||
| 听 | Three months ended March 31, | ||||||
| 听 | 听 | 2025 | 听 | 听 | 听 | 2024 | 听 |
| CASH FLOWS FROM OPERATING ACTIVITIES: | 听 | 听 | 听 | ||||
| Net income | $ | 25.7 | 听 | 听 | $ | 244.7 | 听 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | 听 | 听 | 听 | ||||
| Unrealized loss (gain) on derivative instruments | 听 | 3.0 | 听 | 听 | 听 | (6.4 | ) |
| Depreciation, depletion and amortization | 听 | 20.7 | 听 | 听 | 听 | 19.9 | 听 |
| Change in deferred tax provision | 听 | 1.2 | 听 | 听 | 听 | 0.4 | 听 |
| Bargain purchase gain | 听 | 鈥� | 听 | 听 | 听 | (245.9 | ) |
| Other non-cash items - net | 听 | 鈥� | 听 | 听 | 听 | (1.5 | ) |
| Change in operating assets and liabilities: | 听 | 听 | 听 | ||||
| Accounts receivable - net | 听 | (12.5 | ) | 听 | 听 | (1.4 | ) |
| Non-trade receivables | 听 | 15.4 | 听 | 听 | 听 | 5.2 | 听 |
| Manufacturing credit receivable | 听 | (20.7 | ) | 听 | 听 | (12.6 | ) |
| Due from affiliates | 听 | 16.7 | 听 | 听 | 听 | (2.6 | ) |
| Inventories | 听 | (0.1 | ) | 听 | 听 | (7.2 | ) |
| Prepaid and other current assets | 听 | 4.0 | 听 | 听 | 听 | 0.2 | 听 |
| Accounts payable, trade | 听 | 20.8 | 听 | 听 | 听 | (33.8 | ) |
| Due to affiliates | 听 | 12.2 | 听 | 听 | 听 | 33.6 | 听 |
| Accrued and other current liabilities | 听 | (13.9 | ) | 听 | 听 | (8.4 | ) |
| Other - net | 听 | (0.2 | ) | 听 | 听 | 1.0 | 听 |
| Net cash provided by (used in) operating activities | 听 | 72.3 | 听 | 听 | 听 | (14.8 | ) |
| CASH FLOWS FROM INVESTING ACTIVITIES: | 听 | 听 | 听 | ||||
| Purchase of property, plant and equipment | 听 | (21.2 | ) | 听 | 听 | (29.7 | ) |
| Proceeds from co-tenancy assets at Jamalco JV | 听 | 5.7 | 听 | 听 | 听 | 鈥� | 听 |
| Net cash used in investing activities | 听 | (15.5 | ) | 听 | 听 | (29.7 | ) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | 听 | 听 | 听 | ||||
| Borrowings under revolving credit facilities | 听 | 257.6 | 听 | 听 | 听 | 155.9 | 听 |
| Repayments under revolving credit facilities | 听 | (300.1 | ) | 听 | 听 | (130.5 | ) |
| Repayments under Iceland term facility | 听 | 鈥� | 听 | 听 | 听 | (1.2 | ) |
| Borrowings under Grundartangi casthouse debt facility | 听 | 鈥� | 听 | 听 | 听 | 25.0 | 听 |
| Repayments under Grundartangi casthouse debt facility | 听 | (2.3 | ) | 听 | 听 | 鈥� | 听 |
| Net cash (used in) provided by financing activities | 听 | (44.8 | ) | 听 | 听 | 49.2 | 听 |
| CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 听 | 12.0 | 听 | 听 | 听 | 4.7 | 听 |
| Cash, cash equivalents and restricted cash, beginning of period | 听 | 35.7 | 听 | 听 | 听 | 90.3 | 听 |
| Cash, cash equivalents and restricted cash, end of period | $ | 47.7 | 听 | 听 | $ | 95.0 | 听 |
| 听 | |||||||
| CENTURY ALUMINUM COMPANY | |||||||||||||||
| SELECTED OPERATING DATA | |||||||||||||||
| (in millions, except shipments) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| SHIPMENTS - PRIMARY ALUMINUM(1) | 听 | 听 | 听 | 听 | |||||||||||
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||||||||
| 听 | 听 | United States | 听 | Iceland | 听 | Total | |||||||||
| 听 | 听 | Tonnes | 听 | Sales $ | 听 | Tonnes | 听 | Sales $ | 听 | Tonnes | 听 | Sales $ | |||
| 2025 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| 1st Quarter | 听 | 94,601 | 听 | $ | 306.6 | 听 | 74,071 | 听 | $ | 217.3 | 听 | 168,672 | 听 | $ | 523.9 |
| 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| 2024 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | 听 | |||
| 4th Quarter | 听 | 89,613 | 听 | $ | 267.4 | 听 | 77,064 | 听 | $ | 215.2 | 听 | 166,677 | 听 | $ | 482.6 |
| 1st Quarter | 听 | 97,602 | 听 | $ | 258.1 | 听 | 77,025 | 听 | $ | 189.5 | 听 | 174,627 | 听 | $ | 447.6 |
| (1)Excludes scrap aluminum sales, purchased aluminum and alumina sales. | |||||||||||||||
| 听 | |||||||||||||||
| CENTURY ALUMINUM COMPANY | ||||||||||||||
| RECONCILIATION OF NON-GAAP FINANCIAL MEASURES | ||||||||||||||
| (in millions, except per share amounts) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| 听 | ||||||||||||||
| 听 | Three months ended | |||||||||||||
| 听 | March 31, 2025 | 听 | December 31, 2024 | |||||||||||
| 听 | $MM | 听 | EPS | 听 | $MM | 听 | EPS | |||||||
| Net income attributable to Century stockholders | $ | 29.7 | 听 | $ | 0.32 | 听 | 听 | $ | 45.2 | 听 | 听 | $ | 0.49 | 听 |
| Less: net income allocated to participating securities | 听 | 1.5 | 听 | 听 | 0.02 | 听 | 听 | 听 | 2.4 | 听 | 听 | 听 | 0.03 | 听 |
| Net income allocated to common stockholders | 听 | 28.2 | 听 | 听 | 0.30 | 听 | 听 | 听 | 42.8 | 听 | 听 | 听 | 0.46 | 听 |
| Lower of cost or NRV inventory adjustment, net of tax | 听 | 鈥� | 听 | 听 | 鈥� | 听 | 听 | 听 | 2.0 | 听 | 听 | 听 | 0.02 | 听 |
| Unrealized loss (gain) on derivative contracts, net of tax | 听 | 3.0 | 听 | 听 | 0.03 | 听 | 听 | 听 | (5.8 | ) | 听 | 听 | (0.06 | ) |
| Share-based compensation | 听 | 1.9 | 听 | 听 | 0.02 | 听 | 听 | 听 | 5.3 | 听 | 听 | 听 | 0.06 | 听 |
| Mt. Holly emergency energy charges | 听 | 3.5 | 听 | 听 | 0.04 | 听 | 听 | 听 | 鈥� | 听 | 听 | 听 | 鈥� | 听 |
| Impact of preferred and convertible shares | 听 | 鈥� | 听 | 听 | (0.03 | ) | 听 | 听 | (0.8 | ) | 听 | 听 | (0.06 | ) |
| Adjusted net income attributable to Century stockholders | $ | 36.6 | 听 | $ | 0.36 | 听 | 听 | $ | 43.5 | 听 | 听 | $ | 0.42 | 听 |
| 听 | ||||||||||||||
| 听 | Three months ended | ||||||
| 听 | March 31, 2025 | 听 | December 31, 2024 | ||||
| Net income attributable to Century stockholders | $ | 29.7 | 听 | 听 | $ | 45.2 | 听 |
| Add: Net loss attributable to noncontrolling interests | 听 | (4.0 | ) | 听 | 听 | (4.8 | ) |
| Net income | 听 | 25.7 | 听 | 听 | 听 | 40.4 | 听 |
| Interest expenses - nonaffiliates | 听 | 10.0 | 听 | 听 | 听 | 10.1 | 听 |
| Interest expense - affiliates | 听 | 1.8 | 听 | 听 | 听 | 1.6 | 听 |
| Interest income | 听 | (1.8 | ) | 听 | 听 | (0.4 | ) |
| Net (loss) gain on forward and derivative contracts - nonaffiliates | 听 | 5.4 | 听 | 听 | 听 | (2.7 | ) |
| Net gain on forward and derivative contracts - affiliates | 听 | 鈥� | 听 | 听 | 听 | 0.1 | 听 |
| Other income (loss) - net | 听 | 3.4 | 听 | 听 | 听 | 0.1 | 听 |
| Income tax expense | 听 | 1.6 | 听 | 听 | 听 | 0.2 | 听 |
| Equity in losses of joint ventures | 听 | 鈥� | 听 | 听 | 听 | (0.1 | ) |
| Operating income | 听 | 46.1 | 听 | 听 | 听 | 49.3 | 听 |
| Lower of cost or NRV inventory adjustment | 听 | 鈥� | 听 | 听 | 听 | 2.4 | 听 |
| Share-based compensation | 听 | 1.9 | 听 | 听 | 听 | 5.3 | 听 |
| Mt. Holly emergency energy charges | 听 | 3.5 | 听 | 听 | 听 | 鈥� | 听 |
| Depreciation, depletion and amortization | 听 | 22.5 | 听 | 听 | 听 | 19.1 | 听 |
| Adjusted EBITDA | 听 | 74.0 | 听 | 听 | 听 | 76.1 | 听 |
| Less: Adjusted EBITDA attributable to noncontrolling interests | 听 | (4.0 | ) | 听 | 听 | (4.8 | ) |
| Adjusted EBITDA attributable to Century stockholders | $ | 78.0 | 听 | 听 | $ | 80.9 | 听 |
| 听 | |||||||
INVESTOR CONTACT
Ryan Crawford
312-696-3132
MEDIA CONTACT
Tawn Earnest
614-698-6351
Source:听Century Aluminum Company
FAQ
What was Century Aluminum's (CENX) net income for Q1 2025?
How much did Century Aluminum (CENX) ship in Q1 2025?
What is Century Aluminum's (CENX) Q2 2025 EBITDA guidance?
What is Century Aluminum's (CENX) current liquidity position?
How did Section 232 aluminum tariffs affect Century Aluminum (CENX) in Q1 2025?
