Century Aluminum Company Posted Net Income in Q2 2023

SEATTLE (Scrap Monster): Century Aluminum Company announced its second quarter 2023 results yesterday.

The net sales for the second quarter ended June 30, 2023 increased by 4% from $552.4 million in the prior quarter to $575.5 million. This was primarily on account of higher realized aluminum prices during the quarter. The realized LME aluminum price edged higher by $21 per tonne from sequential quarter to $2,371 per tonne in second quarter, the company press release said.

The net income attributable to shareholders of $7.5 million recorded an improvement of $46.1 million over the sequential quarter. The quarterly results were impacted by several factors including curtailment costs related to Hawesville plant and transaction costs associated with the Jamalco acquisition. The company reported adjusted net income of $15.5 million, significantly higher by $26.8 million from the prior quarter. Also, adjusted EBITDA for the quarter stood at $29.5 million.

Century Aluminum’s liquidity position recorded decline by $10.9 million during the quarter to $231.1 million at end-Q2 2023.

Jesse Gary, President and Chief Executive Officer, Century Aluminum noted that the continued focus on cost discipline and operational performance helped the company to deliver robust results.