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Century Aluminum Company Reports First Quarter 2021 Results

CHICAGO, May 05, 2021 (GLOBE NEWSWIRE) -- Century Aluminum Company (NASDAQ: CENX) today announced its first quarter 2021 results.
First Quarter 2021 Financial Results

Shipments of 195,697 tonnes



Net sales of $444.0 million



Net loss of $(140.0) million, or $(1.55) per share



Adjusted net loss(1) of $(52.5) million, or $(0.54) per share



Adjusted EBITDA(1) of $(19.7) million primarily due to higher power prices as a result of the extraordinarily cold temperatures in the U.S. Midwest and South during February 2021





$MM (except shipments and per share data)











Q4 2020







Q1 2021



Shipments (tonnes)







194,940A 















195,697A 











Net sales







$



389.1A 















$



444.0A 











Net income (loss)







$



(35.5



)











$



(140.0



)







Diluted earnings (loss) per share







$



(0.40



)











$



(1.55



)







Adjusted net income (loss)(1)







$



(30.6



)











$



(52.5



)







Adjusted earnings (loss) per share(1)







$



(0.32



)











$



(0.54



)







Adjusted EBITDA(1)







$



0.8A 















$



(19.7



)








Notes:



(1) Non-GAAP measure; see reconciliation of GAAP to non-GAAP financial measures





Shipments of primary aluminum for the quarter ended March 31, 2021 remained flat compared to the quarter ended December 31, 2020. Net sales for the first quarter of 2021 increased by 14 percent sequentially due to higher aluminum prices and regional premiums.Century reported a net loss of $(140.0) million for the first quarter of 2021, a $104.5 million increase in net loss sequentially. First quarter results were negatively impacted by $87.4 million of exceptional items, in particular $92.7 million of unrealized losses on forward derivative contracts (net of tax). Thus, Century reported an adjusted net loss of $(52.5) million for the first quarter of 2021, a $21.9 million increase in adjusted net loss sequentially.
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