Century Aluminum(CENX)2025-02-20 21:08Financial Performance - Fourth quarter 2024 net sales increased by 17% sequentially to $631.0 million, driven by higher third-party alumina sales and improved aluminum prices[4]. - Net income attributable to Century stockholders for Q4 2024 was $47.7 million, a slight increase from $47.3 million in Q3 2024, with adjusted net income of $45.9 million[5]. - Full year 2024 net sales reached $2.2 billion, up from $2.185 billion in 2023, with a reported net income of $339.4 million compared to a loss of $43.1 million in 2023[6]. - Adjusted EBITDA for Q4 2024 was $82.4 million, a decrease of $21.3 million sequentially, while full year adjusted EBITDA increased by $125.2 million to $245.2 million[10]. - Full year 2024 results included a $245.9 million bargain purchase gain from the Jamalco acquisition, significantly impacting net income[9]. - Gross profit for the same period rose significantly to $186.4 million, compared to $91.9 million in 2023, marking an increase of 102.5%[19]. - Net income attributable to Century stockholders for 2024 was $339.4 million, a substantial recovery from a net loss of $43.1 million in 2023[19]. - Basic earnings per share for 2024 was $3.46, compared to a loss per share of $0.47 in 2023[19]. - Adjusted net income attributable to Century stockholders for the twelve months ended December 31, 2024, was $339.4 million, resulting in an EPS of $3.66, a significant recovery from a net loss of $43.1 million in the previous year[27]. - Operating income for the twelve months ended December 31, 2024, was $122.8 million, a substantial increase from $31.8 million in the previous year[27]. Sales and Shipments - Shipments of primary aluminum for Q4 2024 were 166,677 tonnes, a 1% decrease from Q3 2024, and full year shipments decreased by 3% to 677,967 tonnes[4]. - Shipments of primary aluminum for the full year 2024 totaled 677,967 tonnes, generating sales of $1,867.9 million, compared to 700,680 tonnes and $1,966.0 million in 2023[24]. Assets and Liabilities - Total current assets increased to $802.8 million in 2024 from $767.1 million in 2023, reflecting a growth of 4.1%[21]. - Total liabilities decreased significantly from $1,502.4 million in 2023 to $1,261.4 million in 2024, a reduction of 16.0%[21]. - The company reported a total equity of $678.0 million as of December 31, 2024, up from $344.1 million in 2023, indicating a growth of 96.9%[21]. - Cash and cash equivalents at the end of 2024 were $32.9 million, down from $88.8 million in 2023, a decrease of 63.0%[21]. Future Outlook - The company expects first quarter 2025 Adjusted EBITDA to range between $75 to $85 million, influenced by improved metal pricing and regional premiums[11]. - Century was awarded a $500 million grant by the U.S. Department of Energy to build a new aluminum smelter, indicating significant future growth potential[6]. Other Financial Metrics - The company experienced a net cash used in operating activities of $24.6 million in 2024, a decline from net cash provided of $105.6 million in 2023[23]. - Interest expense for the twelve months ended December 31, 2024, was $36.4 million, slightly up from $33.7 million in the previous year[27]. - Share-based compensation increased to $5.3 million for the three months ended December 31, 2024, compared to $3.2 million in the previous quarter[26]. - Adjusted EBITDA for the three months ended December 31, 2024, was $82.4 million, down from $103.7 million in the previous quarter[26]. - Adjusted net income for the three months ended December 31, 2024, was $45.9 million, down from $60.0 million in the previous quarter[26]. - The impact of Hurricane Beryl at Jamalco resulted in incremental costs, with Century's share amounting to $6.9 million for the twelve months ended December 31, 2024[27].