Century Aluminum Company (CENX) recorded a second-quarter 2024 loss of 3 cents per share. This compares with the year-ago quarter's earnings of 7 cents. The Zacks Consensus Estimate for earnings was 2 cents in the quarter. Revenues and Shipments The company generated net sales of $560.8 million in the reported quarter, down around 2.6% year over year. The figure beat the Zacks Consensus Estimate of $530.9 million. Primary aluminum shipments were 167,908 tons, down around 3.3% year over year. Shipments fell ...

Century Aluminum Company 2 nd Quarter Earnings Call August 8, 2024 Cautionary Statement Certain statements in this presentation, and those made by Century Aluminum Company management on the quarterly conference call, relate to future events and expectations and are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "believe," "expect," "hope," "target," "anticipate," "intend," "plan," "seek," "estimate," "potential," "project," "scheduled," ...

Century Aluminum (CENX) came out with a quarterly loss of $0.03 per share versus the Zacks Consensus Estimate of $0.02. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -250%. A quarter ago, it was expected that this aluminum producer would post a loss of $0.19 per share when it actually produced a loss of $0.39, delivering a surprise of -105.26%. Over the last four quarters, the company has s ...

Financial Performance - Century Aluminum Company reported net sales of $560.8 million for the three months ended June 30, 2024, an increase of $71.3 million compared to the previous quarter, primarily driven by favorable realized LME and regional price premiums of $21.8 million and alumina sales of $65.8 million [144]. - For the six months ended June 30, 2024, net sales decreased by $77.6 million compared to the same period in 2023, primarily due to unfavorable realized LME and regional price premiums of $78.3 million [144]. - The net income attributable to Century stockholders for the three months ended June 30, 2024, was a loss of $2.5 million, compared to a profit of $246.8 million in the previous quarter [141]. - Gross profit for the three months ended June 30, 2024, increased by $3.9 million to $20.4 million compared to $16.5 million for the three months ended March 31, 2024, primarily due to favorable realized LME and regional price premiums of $21.8 million [145]. - Gross profit for the six months ended June 30, 2024, decreased by $27.1 million to $36.9 million compared to $64.0 million for the six months ended June 30, 2023, driven by unfavorable realized LME and regional price premiums of $78.3 million [145]. - For the six months ended June 30, 2024, net sales were $831.3 million, with a gross profit of $50.5 million and income before income taxes of $26.1 million [171]. Costs and Expenses - The company incurred curtailment charges of approximately $1.7 million and $2.4 million for the three and six months ended June 30, 2024, respectively, related to the Hawesville facility [129]. - Selling, general and administrative expenses decreased by $1.8 million to $12.3 million for the three months ended June 30, 2024, compared to $14.1 million for the three months ended March 31, 2024 [146]. - Net loss on forward and derivative contracts was $4.0 million for the three months ended June 30, 2024, a difference of $11.4 million compared to a gain of $7.4 million for the three months ended March 31, 2024 [147]. - Income tax expense for the six months ended June 30, 2024, was $1.0 million, compared to a benefit of $10.2 million for the six months ended June 30, 2023 [152]. Assets and Liabilities - As of June 30, 2024, the company had cash and cash equivalents of approximately $41.3 million and unused availability under revolving credit facilities of $301.3 million [154]. - The company had outstanding borrowings of $130.0 million under the Casthouse Facility as of June 30, 2024 [163]. - The U.S. revolving credit facility had a borrowing availability of $162.1 million as of June 30, 2024, with no outstanding borrowings [159]. - As of June 30, 2024, the company's current assets were $393.2 million, an increase from $361.5 million on December 31, 2023, while non-current assets decreased to $634.7 million from $648.6 million [171]. - Current liabilities decreased to $224.9 million from $253.6 million, and non-current liabilities increased slightly to $503.4 million from $485.7 million [171]. Investments and Acquisitions - The acquisition of a 55% interest in Jamalco resulted in a bargain purchase gain of $245.9 million recognized in the Consolidated Statements of Operations for the six months ended June 30, 2024 [132]. - Bargain purchase gain of $245.9 million was recognized for the six months ended June 30, 2024, related to the acquisition of General Alumina Holdings Limited [150]. - The company completed the acquisition of General Alumina Holdings Limited, gaining a 55% interest in Jamalco, enhancing its operational capabilities in bauxite mining and alumina production [204]. - The company completed the acquisition of General Alumina Holdings Limited, gaining a 55% interest in the Jamalco joint venture for bauxite mining and alumina production in Jamaica [204]. Capital Expenditures and Projects - Capital expenditures for the six months ended June 30, 2024, were $17.7 million, excluding $27.8 million associated with the Grundartangi casthouse project, with total capital spending estimated to be $20 to $30 million for 2024 [185]. - The Grundartangi casthouse project was completed in Q2 2024 and is expected to begin shipping billets in the second half of 2024 [179]. - As of June 30, 2024, the company had $43.7 million remaining under its stock repurchase program, which allows for repurchases of up to $130.0 million [181]. Market Conditions and Risks - The average price for primary aluminum per tonne increased to $2,520 in June 2024 from $2,199 in March 2024, reflecting continued demand and limited supply growth [137]. - The average MWP (Midwest premium) for aluminum was $431 in June 2024, compared to $402 in March 2024, indicating a rise in regional premiums [137]. - The U.S. implemented a 10% tariff on imported primary aluminum products, which is expected to remain unchanged in the near future, according to the International Trade Commission's findings [176]. - The company is exposed to price risk for alumina, a significant component of its cost of goods sold, with costs tied to a published alumina index, affecting its cost structure due to market fluctuations [188]. - The company faces foreign currency risk due to fluctuations in the U.S. dollar against currencies such as the Icelandic krona, Euro, and Jamaican dollar, affecting operating margins [195]. Risk Management - The company manages foreign currency exposure through forward contracts and option contracts for forecasted transactions [196]. - Certain alumina contracts and a substantial portion of Grundartangi's electrical power requirements are indexed to the LME price for primary aluminum, providing a natural hedge against commodity price fluctuations [197]. - Risk management activities related to metals, power, natural gas, and foreign currency are controlled by senior management and reported to the Board of Directors [198]. - As of June 30, 2024, the fair value of commodity contracts includes an asset fair value of $5.5 million and a liability fair value of $6.7 million, with a potential adverse change of 10% impacting these values [200]. - The fair value of commodity contracts is reported at $6.7 million, with an adverse fair value of $15.5 million under a 10% price change scenario [201]. Internal Controls and Legal Matters - As of June 30, 2024, the company's management concluded that its disclosure controls and procedures were effective [203]. - There were no material changes in the company's internal control over financial reporting, except for the integration of controls specific to Jamalco [204]. - The company is involved in various legal actions, but management believes these will not materially affect its financial position or operations [206].

Exhibit 99.1 Century Aluminum Company Reports Second Quarter 2024 Results Chicago, August 8, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its second quarter 2024 results. Business Highlights • Net sales of $560.8 million • Realized LME aluminum price of $2,288/MT in second quarter is up $98/MT from prior quarter • Reported net loss attributable to Century stockholders of $2.5 million and adjusted EBITDA attributable to Century stockholders of $34.2 million • Cash and cash ...

CHICAGO, July 25, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) will report second quarter 2024 earnings on Thursday, August 8, 2024, after market close. The news release will be issued through GlobeNewswire. Contact: The company will hold a follow-up conference call on Thursday, August 8, 2024, at 5:00 p.m. Eastern time. Ryan Crawford (investors and media) investorrelations@centuryaluminum.com (312) 696-3132 The earnings call will be webcast live on the Century Aluminum Company website, ...

CHICAGO, July 25, 2024 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) will report second quarter 2024 earnings on Thursday, August 8, 2024, after market close. The news release will be issued through GlobeNewswire. The company will hold a follow-up conference call on Thursday, August 8, 2024, at 5:00 p.m. Eastern time. The earnings call will be webcast live on the Century Aluminum Company website, located at www.centuryaluminum.com. Plan to begin the registration process at least 10 minutes bef ...

CHICAGO, July 12, 2024 (GLOBE NEWSWIRE) -- Century Aluminum today announced that its Jamalco bauxite mining and alumina production joint venture has returned to full production following the impact of the recent Hurricane Beryl in Jamaica. No injuries to employees nor significant damage occurred to Jamalco's production facilities. Century does not expect the event to have a material effect on its financial results. " I want to say thank you to the entire Jamalco team who did a remarkable job preparing for a ...

CHICAGO, July 12, 2024 (GLOBE NEWSWIRE) -- Century Aluminum today announced that its Jamalco bauxite mining and alumina production joint venture has returned to full production following the impact of the recent Hurricane Beryl in Jamaica. No injuries to employees nor significant damage occurred to Jamalco's production facilities. Century does not expect the event to have a material effect on its financial results. " I want to say thank you to the entire Jamalco team who did a remarkable job preparing for a ...

CHICAGO, July 10, 2024 (GLOBE NEWSWIRE) -- Century Aluminum applauds the Administration's decision to toughen the rules on aluminum imports from Mexico. The introduction of the "smelted and cast" provision is an important first step in curbing aluminum transshipments and unfair trade from 3rd party countries entering through Mexico. Going forward, aluminum that was smelted and cast in Russia, China, Iran and Belarus and converted into products in Mexico will be subject to the 10% Section 232 duty. "Today wa ...