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Century Aluminum Company Reports Fourth Quarter 2024 Results
CENXCentury Aluminum(CENX) GlobeNewswire·2025-02-20 21:05

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 631.0million,drivenbyhigherthird−partyaluminasalesandimprovedaluminumprices[6][8].−NetincomeattributabletoCenturystockholderswas631.0 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 0.4millionimprovementfromQ32024[7][8].−AdjustednetincomeforQ4was0.4 million improvement from Q3 2024 [7][8]. - Adjusted net income for Q4 was 45.9 million, reflecting a 14.1milliondecreasesequentially[7][8].−AdjustedEBITDAforQ4was14.1 million decrease sequentially [7][8]. - Adjusted EBITDA for Q4 was 82.4 million, down 21.3millionfromQ32024duetoupdatedU.S.Treasuryguidance[8][9].FullYear2024Highlights−TotalshipmentsofprimaryaluminumforFY2024were677,967tonnes,a321.3 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 34.9millionfromFY2023[10][11].−NetincomeattributabletoCenturystockholderswas34.9 million from FY 2023 [10][11]. - Net income attributable to Century stockholders was 339.4 million, a significant improvement of 382.5millionfromFY2023[11][12].−AdjustednetincomeforFY2024was382.5 million from FY 2023 [11][12]. - Adjusted net income for FY 2024 was 104.0 million, up 73.3millionfromthepreviousyear[11][12].−AdjustedEBITDAforFY2024was73.3 million from the previous year [11][12]. - Adjusted EBITDA for FY 2024 was 245.2 million, an increase of 125.2millioncomparedtoFY2023,primarilyduetohighermetalprices[12].FinancialPosition−AsofDecember31,2024,Centuryhadcashandcashequivalentsof125.2 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 244.5million[8][9].−ThecompanyrecordedaSection45Xproductiontaxcreditof244.5 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].