Century Aluminum Company Reports Third Quarter 2025 Results

Core Insights - Century Aluminum Company reported a net income of $14.9 million for Q3 2025, a significant increase of $19.5 million from the previous quarter, primarily driven by favorable realized Midwest Premiums [4][8] - Adjusted net income attributable to Century stockholders reached $57.9 million, up $27.5 million sequentially, reflecting improved operational performance despite challenges [4][8] - The company expects fourth quarter Adjusted EBITDA to range between $170 to $180 million, driven by higher realized LME and Midwest regional premiums [6] Financial Performance - Net sales for Q3 2025 were $632.2 million, a slight increase of $4.1 million from Q2 2025, mainly due to an increase in realized Midwest premium [3][8] - Aluminum shipments decreased to 162,442 tonnes in Q3 2025 from 175,741 tonnes in Q2 2025 [1][8] - Adjusted EBITDA attributable to Century stockholders was $101.1 million, an increase of $26.8 million from the prior quarter, primarily due to favorable realized Midwest Premium [5][27] Operational Highlights - The realized Midwest Premium increased to $1,425 per metric tonne in Q3 2025, up $575 per metric tonne from the prior quarter [8] - The company finalized a power agreement for the Mt. Holly facility through 2031, which is crucial for the restart of idled capacity [8] - Century Aluminum received a $75 million refund under the 2024 45X program in October 2025 [8] Liquidity and Financial Position - As of September 30, 2025, Century's liquidity position was $488.2 million, consisting of $151.4 million in cash and cash equivalents and $336.8 million in borrowing availability [5][8] - The company reported a gross profit of $77.3 million for Q3 2025, compared to $36.2 million in Q2 2025 [15][27] Future Outlook - The company anticipates an increase in U.S. billet premiums by $110 per metric tonne for FY26 volumes [8] - Century's management is focused on improving operational efficiency and managing costs to enhance profitability in the upcoming quarters [4][6]