Century Aluminum Company (NASDAQ: CENX) today announced its third
quarter 2023 results.
Business Highlights
- Net sales $545.2 million
- Realized LME aluminum price of
$2,237/T in third quarter is down $134/T from prior quarter
- Falling energy and other raw material
costs
- Completed Mt. Holly land sale and
received $26 million proceeds
- Total debt decreased $41.4 million to
$512.0 million as of September 30, 2023
- Cash and cash equivalents of $70.3
million and strong liquidity of $305.8 million as of
September 30, 2023
- Finalized three-year Mt. Holly power
agreement
Third Quarter 2023 Financial
Results
$MM (except shipments and per share data) |
|
|
Q2 2023 |
|
Q3 2023 |
Aluminum shipments (tonnes) |
|
|
173,649 |
|
|
171,995 |
|
Net sales |
|
$ |
575.5 |
|
$ |
545.2 |
|
Net income (loss) attributable to Century stockholders |
|
$ |
7.5 |
|
$ |
(42.0 |
) |
Diluted income (loss) per share attributable to Century
stockholders |
|
$ |
0.07 |
|
$ |
(0.45 |
) |
Adjusted net income (loss) attributable to Century
stockholders(1) |
|
$ |
15.5 |
|
$ |
(13.8 |
) |
Adjusted income (loss) per share attributable to Century
stockholders(1) |
|
$ |
0.16 |
|
$ |
(0.13 |
) |
Adjusted EBITDA attributable to Century stockholders(1) |
|
$ |
29.5 |
|
$ |
9.3 |
|
Notes:(1) Non-GAAP measure; see reconciliation
of GAAP to non-GAAP financial measures.
Net sales for the third quarter ended
September 30, 2023 decreased by 5 percent sequentially
primarily due to lower realized aluminum prices.
Century reported a net loss attributable to Century
stockholders of $42.0 million for the third quarter of 2023, a
$49.5 million decrease sequentially. Third quarter results were
impacted by $28.2 million of net exceptional items, in particular
$21.9 million of unrealized losses on derivative instruments, $9.3
million related to the power equipment failure at Jamalco, and $1.0
million in share-based compensation costs, partially offset by $4.2
million lower of cost or net realizable value adjustment, net of
tax. Thus, Century reported an adjusted net loss of $13.8 million
for the third quarter of 2023, a $29.3 million decrease
sequentially.
Adjusted EBITDA attributable to Century
stockholders for the third quarter of 2023 was $9.3 million. This
was a decrease of $20.2 million from the prior quarter, primarily
driven by lower realized LME aluminum price and product mix,
partially offset by lower energy and other raw material prices.
Century's liquidity position at quarter end,
comprised of cash and cash equivalents of $70.3 million, restricted
cash from the Mt. Holly land sale of $22.9 million, and $212.6
million in combined borrowing availability, was $305.8 million, an
increase of $74.7 million from the prior quarter.
"Century made progress on its long-term initiatives
in the third quarter,” commented President and Chief Executive
Officer Jesse Gary. “We were very pleased to reach agreement on a
new three-year power contract for our Mt. Holly smelter that should
enable us to continue to invest in this excellent smelter and its
employees for years to come. In Iceland, our new billet casthouse
at Grundartangi is nearing completion, and we are already
experiencing strong customer engagement for our new Natur-AlTM
low-carbon billet products.”
“Despite volatile market conditions, lower aluminum
prices were largely offset by lower input prices and other cost
savings in the quarter,” continued Mr. Gary. “Century remains
focused on disciplined cost and operational execution and remains
well positioned when market conditions improve.”
Fourth Quarter 2023 Outlook
The company expects fourth quarter Adjusted EBITDA
to range between $0 to $10 million based on decreased LME prices,
partially offset by lower raw material prices.
About Century Aluminum Company
With its corporate headquarters located in Chicago,
IL, Century Aluminum owns and operates primary aluminum smelting
facilities in the United States and Iceland and is the majority
owner and managing partner of the Jamalco alumina refinery in
Jamaica. Visit www.centuryaluminum.com for more
information.
Non-GAAP Financial Measures
Adjusted net income (loss), adjusted earnings
(loss) per share and adjusted EBITDA are non-GAAP financial
measures that management uses to evaluate Century's financial
performance. These non-GAAP financial measures facilitate
comparisons of this period’s results with prior periods on a
consistent basis by excluding items that management does not
believe are indicative of Century’s ongoing operating performance
and ability to generate cash. Management believes these
non-GAAP financial measures enhance an overall understanding of
Century’s performance and our investors’ ability to review
Century’s business from the same perspective as
management. The tables below, under the heading
"Reconciliation of Non-GAAP Financial Measures," provide a
reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure. Non-GAAP financial
measures should be viewed in addition to, and not as an alternative
for, Century's reported results prepared in accordance with
GAAP. In addition, because not all companies use identical
calculations, adjusted net income (loss), adjusted earnings (loss)
per share and adjusted EBITDA included in this press release may
not be comparable to similarly titled measures of other
companies. Investors are encouraged to review the
reconciliations in conjunction with the presentation of these
non-GAAP financial measures.
Cautionary StatementCertain
statements in this press release, and those made by Century
Aluminum Company management on the quarterly conference call,
relate to future events and expectations and are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "believe," "expect," "hope,"
"target," "anticipate," "intend," "plan," "seek," "estimate,"
"potential," "project," "scheduled," "forecast" or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," "might," or "may” often identify forward-looking
statements. All statements other than statements of historical fact
are forward-looking statements, including, without limitation,
statements regarding our outlook, assumptions, projections,
forecasts or trend descriptions. These statements do not guarantee
future performance and speak only as of the date they are made, and
we do not, under any circumstance, undertake to update our
forward-looking statements. Where we express an expectation or
belief as to future events or results, such expectation or belief
is expressed in good faith and is believed to have a reasonable
basis. However, our forward-looking statements are based on current
expectations and assumptions that are subject to risks and
uncertainties which may cause actual results to differ materially
from future results expressed, projected or implied by those
forward-looking statements. Important factors that
could cause actual results and events to differ from those
described in such forward-looking statements can be found in the
risk factors and forward-looking statements cautionary language
contained in our Annual Report on Form 10-K, quarterly reports on
Form 10-Q and in other filings made with the Securities and
Exchange Commission (“SEC”). Although we have attempted to identify
material factors that could cause actual results or events to
differ from those described in such forward-looking statements,
there may be other factors that could cause actual results or
events to differ from those anticipated, estimated or
intended. Many of these factors are beyond our ability
to control or predict. Given these uncertainties,
investors are cautioned not to place undue reliance on our
forward-looking statements. Our forward-looking statements include,
without limitation, statements with respect to: future global and
domestic financial and economic conditions; the outlook for the
global aluminum and alumina markets including benchmark and premium
pricing levels); ; our assessment of U.S. and European energy and
power markets; costs associated with our other key raw materials,
and supply and availability of those key raw materials, including
power (and related natural gas and coal); our assessment of power
price and availability for our U.S. and European operations
including the likelihood and extent of any power curtailments; the
impact of the wars in Ukraine and Israel including any related
impacts on global energy markets and/or any sanctions and export
controls targeting Russia and businesses tied to Russia and to
sanctioned entities and individuals, including any possible impact
on our business, operations, financial condition, results of
operations and global supply chains; the future financial and
operating performance of Century and its subsidiaries; our ability
to successfully manage market risk and to control or reduce costs;
our plans and expectations with respect to future operations of the
Company and its subsidiaries, including any plans and expectations
to curtail or restart production, including the expected impact of
any such actions on our future financial and operating performance;
our plans and expectations with regards to future operations of our
Mt. Holly smelter, including our expectations as to the restart of
curtailed production at Mt. Holly, including the timing, costs and
benefits associated with restarting curtailed production; our plans
with regards to future operations of our Hawesville smelter,
including our expectations as to the timing, costs and benefits
associated with restarting curtailed production; our plans and
expectations with regards to the Grundartangi casthouse project,
including our expectations as to the timing, costs and benefits
associated with the Grundartangi casthouse project; our plans and
expectations with respect to the acquisition of a 55% interest in
Jamalco, including our expectations as to the costs and benefits
associated with this transaction; our ability to successfully
obtain and/or retain competitive power arrangements for our
operations; our ability to qualify for and realize potential tax
benefits under the Inflation Reduction Act of 2022; our ability to
access existing or future financing arrangements and the terms of
any such future financing arrangements; our ability to repay or
refinance debt in the future; and other factors described in more
detail in our Annual Report on Form 10-K, quarterly reports on Form
10-Q and in other SEC filings.
CENTURY ALUMINUM COMPANY |
CONSOLIDATED STATEMENTS OF OPERATIONS |
(in millions, except per share amounts) |
(Unaudited) |
|
|
Three months ended |
|
|
June 30, |
|
September 30, |
|
|
|
2023 |
|
|
|
2023 |
|
NET SALES: |
|
|
|
|
Related parties |
|
$ |
427.2 |
|
|
$ |
400.9 |
|
Other customers |
|
|
148.3 |
|
|
|
144.3 |
|
Total net sales |
|
|
575.5 |
|
|
|
545.2 |
|
Cost of goods sold |
|
|
559.6 |
|
|
|
556.7 |
|
Gross profit (loss) |
|
|
15.9 |
|
|
|
(11.5 |
) |
Selling, general and administrative expenses |
|
|
12.0 |
|
|
|
10.8 |
|
Other operating expense - net |
|
|
4.6 |
|
|
|
1.9 |
|
Operating loss |
|
|
(0.7 |
) |
|
|
(24.2 |
) |
Interest expense |
|
|
(8.7 |
) |
|
|
(9.2 |
) |
Interest income |
|
|
0.4 |
|
|
|
0.4 |
|
Net gain (loss) on forward and derivative contracts |
|
|
9.1 |
|
|
|
(25.2 |
) |
Other (expense) income - net |
|
|
(3.5 |
) |
|
|
1.3 |
|
Loss before income taxes |
|
|
(3.4 |
) |
|
|
(56.9 |
) |
Income tax benefit |
|
|
10.0 |
|
|
|
11.0 |
|
Income (loss) before equity in earnings of joint ventures |
|
|
6.6 |
|
|
|
(45.9 |
) |
Equity in earnings of joint ventures |
|
|
0.0 |
|
|
|
0.0 |
|
Net income (loss) |
|
|
6.6 |
|
|
|
(45.9 |
) |
Net loss attributable to noncontrolling interests |
|
|
(0.9 |
) |
|
|
(3.9 |
) |
Net income (loss) attributable to Century stockholders |
|
|
7.5 |
|
|
|
(42.0 |
) |
Less: net income allocated to participating securities |
|
|
0.4 |
|
|
|
— |
|
Net income (loss) allocated to common stockholders |
|
$ |
7.1 |
|
|
$ |
(42.0 |
) |
INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON
SHARE: |
Basic |
|
$ |
0.08 |
|
|
$ |
(0.45 |
) |
Diluted |
|
$ |
0.07 |
|
|
$ |
(0.45 |
) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: |
|
|
|
|
Basic |
|
|
92.3 |
|
|
|
92.4 |
|
Diluted |
|
|
93.2 |
|
|
|
92.4 |
|
CENTURY ALUMINUM COMPANY |
CONSOLIDATED BALANCE SHEETS |
(in millions, except per share amounts) |
(Unaudited) |
|
December 31, 2022 |
|
September 30, 2023 |
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
54.3 |
|
|
$ |
70.3 |
|
Restricted cash |
|
1.2 |
|
|
|
24.4 |
|
Accounts receivable - net |
|
66.9 |
|
|
|
65.3 |
|
Due from affiliates |
|
4.8 |
|
|
|
20.1 |
|
Inventories |
|
398.8 |
|
|
|
465.9 |
|
Derivative assets |
|
127.3 |
|
|
|
9.5 |
|
Prepaid and other current assets |
|
24.5 |
|
|
|
28.9 |
|
Total current assets |
|
677.8 |
|
|
|
684.4 |
|
Property, plant and equipment - net |
|
744.4 |
|
|
|
994.8 |
|
Other assets |
|
49.8 |
|
|
|
81.8 |
|
TOTAL |
$ |
1,472.0 |
|
|
$ |
1,761.0 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
LIABILITIES: |
|
|
|
Accounts payable, trade |
$ |
167.3 |
|
|
$ |
221.4 |
|
Accrued compensation and benefits |
|
33.0 |
|
|
|
42.2 |
|
Due to affiliates |
|
17.0 |
|
|
|
60.3 |
|
Accrued and other current liabilities |
|
37.6 |
|
|
|
61.6 |
|
Derivative liabilities |
|
9.7 |
|
|
|
2.9 |
|
Deferred credit - preliminary bargain purchase gain |
|
— |
|
|
|
161.6 |
|
Current maturities of long-term debt |
|
146.1 |
|
|
|
84.0 |
|
Total current liabilities |
|
410.7 |
|
|
|
634.0 |
|
Long-term debt |
|
381.6 |
|
|
|
418.0 |
|
Accrued benefit costs - less current portion |
|
118.0 |
|
|
|
112.6 |
|
Other liabilities |
|
31.4 |
|
|
|
53.5 |
|
Long-term debt due to affiliates |
|
— |
|
|
|
10.0 |
|
Due to affiliates - less current portion |
|
8.3 |
|
|
|
1.7 |
|
Deferred tax liability |
|
103.1 |
|
|
|
83.9 |
|
Asset retirement obligation |
|
19.6 |
|
|
|
60.6 |
|
Total noncurrent liabilities |
|
662.0 |
|
|
|
740.3 |
|
|
|
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
Series A Preferred stock (one cent par value, 5,000,000 shares
authorized; 160,000 issued and 53,854 outstanding at
December 31, 2022; 160,000 issued and 53,508 outstanding at
September 30, 2023) |
|
0.0 |
|
|
|
0.0 |
|
Common stock (one cent par value, 195,000,000 authorized;
99,510,499 issued and 92,323,978 outstanding at December 31,
2022; 99,591,184 issued and 92,404,663 outstanding
September 30, 2023) |
|
1.0 |
|
|
|
1.0 |
|
Additional paid-in capital |
|
2,539.6 |
|
|
|
2,541.8 |
|
Treasury stock, at cost |
|
(86.3 |
) |
|
|
(86.3 |
) |
Accumulated other comprehensive loss |
|
(94.0 |
) |
|
|
(89.0 |
) |
Accumulated deficit |
|
(1,961.0 |
) |
|
|
(2,034.1 |
) |
Total Century shareholders’ equity |
|
399.3 |
|
|
|
333.4 |
|
Noncontrolling interest |
|
— |
|
|
|
53.3 |
|
Total equity |
|
399.3 |
|
|
|
386.7 |
|
TOTAL |
$ |
1,472.0 |
|
|
$ |
1,761.0 |
|
CENTURY ALUMINUM COMPANY |
CONSOLIDATED STATEMENTS OF CASH FLOWS |
(in millions) |
(Unaudited) |
|
Nine months ended September 30, |
|
|
2022 |
|
|
|
2023 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income (loss) |
$ |
99.4 |
|
|
$ |
(77.9 |
) |
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
Unrealized (gain) loss on derivative instruments |
|
(302.3 |
) |
|
|
84.2 |
|
OPEB curtailment gain, net |
|
(8.0 |
) |
|
|
— |
|
Lower of cost or NRV adjustment |
|
46.5 |
|
|
|
— |
|
Depreciation, depletion and amortization |
|
57.5 |
|
|
|
55.3 |
|
Deferred tax provision (benefit) |
|
52.3 |
|
|
|
(23.5 |
) |
Asset impairment charge |
|
159.4 |
|
|
|
— |
|
Other non-cash items - net |
|
(12.5 |
) |
|
|
(1.2 |
) |
Change in operating assets and liabilities, net of
acquisition: |
|
|
|
Accounts receivable - net |
|
8.5 |
|
|
|
21.4 |
|
Due from affiliates |
|
(5.6 |
) |
|
|
(13.0 |
) |
Inventories |
|
(4.1 |
) |
|
|
26.3 |
|
Prepaid and other current assets |
|
5.6 |
|
|
|
4.8 |
|
Accounts payable, trade |
|
(9.6 |
) |
|
|
(45.1 |
) |
Due to affiliates |
|
(34.0 |
) |
|
|
15.8 |
|
Accrued and other current liabilities |
|
12.5 |
|
|
|
(2.0 |
) |
Ravenswood retiree medical settlement |
|
(2.0 |
) |
|
|
(2.0 |
) |
PBGC Settlement |
|
— |
|
|
|
(4.5 |
) |
Other - net |
|
(6.4 |
) |
|
|
1.0 |
|
Net cash provided by operating activities |
|
57.2 |
|
|
|
39.6 |
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchase of property, plant and equipment |
|
(70.2 |
) |
|
|
(62.7 |
) |
Proceeds from sale of property, plant and equipment |
|
0.1 |
|
|
|
25.7 |
|
Acquisition of subsidiary net of cash acquired |
|
— |
|
|
|
19.4 |
|
Net cash used in investing activities |
|
(70.1 |
) |
|
|
(17.6 |
) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Borrowings under revolving credit facilities |
|
910.2 |
|
|
|
575.2 |
|
Repayments under revolving credit facilities |
|
(910.4 |
) |
|
|
(632.0 |
) |
Debt issuance costs |
|
(1.6 |
) |
|
|
— |
|
Repayments of Iceland term facility |
|
— |
|
|
|
(9.8 |
) |
Borrowings under Grundartangi casthouse debt facility |
|
40.0 |
|
|
|
40.0 |
|
Borrowings under Vlissingen Facility Agreement |
|
— |
|
|
|
10.0 |
|
Carbon credit proceeds |
|
— |
|
|
|
33.8 |
|
Net cash provided by financing activities |
|
38.2 |
|
|
|
17.2 |
|
CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
|
25.3 |
|
|
|
39.2 |
|
Cash, cash equivalents and restricted cash, beginning of
period |
|
40.7 |
|
|
|
55.5 |
|
Cash, cash equivalents and restricted cash, end of period |
$ |
66.0 |
|
|
$ |
94.7 |
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
Cash paid for: |
|
|
|
Interest |
$ |
14.0 |
|
|
$ |
22.3 |
|
Taxes, net of refunds |
|
1.9 |
|
|
|
1.0 |
|
Non-cash investing activities: |
|
|
|
Capital expenditures |
|
1.1 |
|
|
|
10.2 |
|
Capitalized interest |
|
3.4 |
|
|
|
4.0 |
|
CENTURY ALUMINUM
COMPANYSELECTED OPERATING DATA(in
millions, except shipments)(Unaudited)
SHIPMENTS - PRIMARY
ALUMINUM(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
United States |
|
Iceland |
|
Total |
|
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
93,675 |
|
$ |
265.8 |
|
78,320 |
|
$ |
207.9 |
|
171,995 |
|
$ |
473.7 |
2nd Quarter |
|
97,224 |
|
$ |
296.4 |
|
76,425 |
|
$ |
212.3 |
|
173,649 |
|
$ |
508.7 |
1st Quarter |
|
102,430 |
|
$ |
317.6 |
|
78,735 |
|
$ |
210.1 |
|
181,165 |
|
$ |
527.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
95,502 |
|
$ |
320.3 |
|
78,223 |
|
$ |
283.7 |
|
173,725 |
|
$ |
604.0 |
2nd Quarter |
|
139,630 |
|
$ |
564.8 |
|
74,454 |
|
$ |
273.2 |
|
214,084 |
|
$ |
838.0 |
1st Quarter |
|
134,953 |
|
$ |
494.8 |
|
76,458 |
|
$ |
247.5 |
|
211,411 |
|
$ |
742.3 |
(1) Excludes scrap aluminum sales, purchased
aluminum and alumina sales.
CENTURY ALUMINUM
COMPANYRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(in millions, except per share
amounts)(Unaudited)
|
|
Three months ended |
|
|
June 30, 2023 |
|
September 30, 2023 |
|
|
$MM |
|
EPS |
|
$MM |
|
EPS |
Net income (loss) attributable to Century
stockholders(1) |
|
$ |
6.9 |
|
|
$ |
0.07 |
|
|
$ |
(42.0 |
) |
|
$ |
(0.43 |
) |
Lower of cost or NRV inventory adjustment, net of tax |
|
|
6.6 |
|
|
|
0.06 |
|
|
|
(4.2 |
) |
|
|
(0.04 |
) |
Unrealized (gain) loss on derivative contracts, net of tax |
|
|
(4.3 |
) |
|
|
(0.04 |
) |
|
|
21.9 |
|
|
|
0.22 |
|
Hawesville curtailment costs |
|
|
3.6 |
|
|
|
0.04 |
|
|
|
— |
|
|
|
— |
|
Share-based compensation |
|
|
1.6 |
|
|
|
0.02 |
|
|
|
1.0 |
|
|
|
0.01 |
|
Jamalco acquisition costs |
|
|
0.7 |
|
|
|
0.01 |
|
|
|
0.2 |
|
|
|
— |
|
Jamalco equipment failure |
|
|
— |
|
|
|
— |
|
|
|
9.3 |
|
|
|
0.10 |
|
Impact of preferred and convertible shares |
|
|
0.4 |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
Adjusted net income (loss) attributable to Century
stockholders |
|
$ |
15.5 |
|
|
$ |
0.16 |
|
|
$ |
(13.8 |
) |
|
$ |
(0.13 |
) |
|
|
|
|
|
|
|
|
|
Notes: |
|
|
|
|
|
|
|
|
(1) In periods of positive earnings, this represents earnings
allocated to participating dilutive shares. For the three months
ended June 30, 2023, this includes earnings allocated to common
stockholders reduced by $0.2 million in share-based compensation
related to the equity classified awards. |
|
|
Three months ended |
|
|
June 30, 2023 |
|
September 30, 2023 |
Net income (loss) attributable to Century stockholders, as
reported |
|
$ |
7.5 |
|
|
$ |
(42.0 |
) |
Add: Net loss attributable to noncontrolling interests |
|
|
(0.9 |
) |
|
|
(3.9 |
) |
Net income (loss) |
|
|
6.6 |
|
|
|
(45.9 |
) |
Interest expense |
|
|
8.7 |
|
|
|
9.2 |
|
Interest income |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
Net (gain) loss on forward and derivative contracts |
|
|
(9.1 |
) |
|
|
25.2 |
|
Other expense (income) - net |
|
|
3.5 |
|
|
|
(1.3 |
) |
Income tax benefit |
|
|
(10.0 |
) |
|
|
(11.0 |
) |
Operating loss |
|
|
(0.7 |
) |
|
|
(24.2 |
) |
Lower of cost or NRV inventory adjustment |
|
|
6.4 |
|
|
|
(4.6 |
) |
Hawesville curtailment costs |
|
|
3.6 |
|
|
|
— |
|
Share-based compensation |
|
|
1.4 |
|
|
|
1.0 |
|
Jamalco acquisition costs |
|
|
0.7 |
|
|
|
0.2 |
|
Jamalco equipment failure |
|
|
— |
|
|
|
16.9 |
|
Depreciation, depletion and amortization |
|
|
17.2 |
|
|
|
25.6 |
|
Adjusted EBITDA |
|
|
28.6 |
|
|
|
14.9 |
|
Less: Adjusted EBITDA attributable to noncontrolling interests |
|
|
(0.9 |
) |
|
|
5.6 |
|
Adjusted EBITDA attributable to Century
stockholders |
|
$ |
29.5 |
|
|
|
9.3 |
|
ContactRyan Crawford(Investors and
media)312-696-3132
Source: Century Aluminum Company
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