Century Aluminum Net Sales Spiked on Higher LME Aluminum Price

SEATTLE (Scrap Monster): Century Aluminum Company reported second quarter 2024 results.

The company reported significant surge in net sales during Q2 this year. The net sales stood at $560.8 million, upon comparison with $489.5 million during the prior quarter. The increased net sales were primarily on account of sequentially higher LME aluminum prices and product premiums.

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According to company press release, the net loss attributable to stakeholders of the company stood at $2.5 million for the second quarter of 2024, down sequentially by $249.3 million. The company reported adjusted net income of $0.7 million for the second quarter of 2024, compared with adjusted net loss of $3.0 million. The adjusted EBITDA attributable to the shareholders of the company for Q2 2024 was $34.2 million.

Century Aluminum reported strong liquidity position as at the end of the second quarter, comprising of cash and cash equivalents of $41.3 million and $301.3 million.

Jesse Gary, President and CEO, Century Aluminum stated that strong operating performance has delivered improved financial results for the company during the second quarter. The company is likely to benefit from higher aluminum prices in the third quarter and beyond, he added.

Commenting on the future outlook, the company noted that the third quarter adjusted EBITDA is likely to range between $65 and $75 million.