Century Aluminum Company Reports Fourth Quarter 2024 Results

Core Insights - Century Aluminum Company reported strong financial results for Q4 and FY 2024, with significant improvements in net income and adjusted EBITDA compared to the previous year [4][11][12]. Q4 2024 Highlights - Shipments of primary aluminum totaled 166,677 tonnes, a slight decrease of 1% from Q3 2024 [6][30]. - Net sales increased by 17% sequentially to $631.0 million, driven by higher third-party alumina sales and improved aluminum prices [6][8]. - Net income attributable to Century stockholders was $47.7 million, a $0.4 million improvement from Q3 2024 [7][8]. - Adjusted net income for Q4 was $45.9 million, reflecting a $14.1 million decrease sequentially [7][8]. - Adjusted EBITDA for Q4 was $82.4 million, down $21.3 million from Q3 2024 due to updated U.S. Treasury guidance [8][9]. Full Year 2024 Highlights - Total shipments of primary aluminum for FY 2024 were 677,967 tonnes, a 3% decrease from FY 2023 [10][30]. - Net sales for FY 2024 reached $2.22 billion, an increase of $34.9 million from FY 2023 [10][11]. - Net income attributable to Century stockholders was $339.4 million, a significant improvement of $382.5 million from FY 2023 [11][12]. - Adjusted net income for FY 2024 was $104.0 million, up $73.3 million from the previous year [11][12]. - Adjusted EBITDA for FY 2024 was $245.2 million, an increase of $125.2 million compared to FY 2023, primarily due to higher metal prices [12]. Financial Position - As of December 31, 2024, Century had cash and cash equivalents of $32.9 million and total liquidity of $244.5 million [8][9]. - The company recorded a Section 45X production tax credit of $92.6 million, enhancing its financial position [8][9]. - Century was selected by the U.S. Department of Energy to receive a $500 million grant for building a new aluminum smelter [8][9]. Operational Developments - Century achieved the highest annual production volume at its Sebree, KY facility in the past five years [8]. - The company completed an expansion project at its Iceland billet casthouse, increasing its value-added product offerings [8].