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century aluminum company (CENX) Key Developments

Century Aluminum Company Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Provides Capex Guidance for 2014

Century Aluminum Company reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported net sales of $401,174,000 compared to $317,667,000 a year ago. Operating loss was $8,631,000 compared to operating income of $2,645,000 a year ago. Loss before income taxes and equity in earnings of joint ventures was $11,802,000 compared to $5,890,000 a year ago. Net loss allocated to common shareholders was $9,675,000 or $0.11 per basic and diluted share compared to $6,909,000 or $0.08 per basic and diluted share a year ago. Adjusted loss was $27 million or $0.28 per share. Capital spending was the highest of the year with almost $10 million with the restart of anode plant in the Netherlands. The company spent $14 million in CapEx at smelter facilities and that includes $7 million for investment in the expansion project at Grundartangi. For the year, the company reported net sales of $1,454,313,000 compared to $1,272,111,000 a year ago. Operating loss was $36,556,000 compared to $7,274,000 a year ago. Loss before income taxes and equity in earnings of joint ventures was $39,844,000 compared to $29,323,000 a year ago. Net loss allocated to common shareholders was $40,313,000 or $0.45 per basic and diluted share compared to $35,610,000 or $0.40 per basic and diluted share a year ago. Net cash provided by operating activities was $18,602,000 compared to $37,139,000 a year ago. Purchase of property, plant and equipment was $45,417,000 compared to $17,677,000 a year ago. Purchase of carbon anode assets and improvements was $18,213,000 compared to $13,814,000 a year ago. Purchase of Sebree smelter was $48,058,000. Financial results were negatively impacted by an unrealized net loss on forward contracts of $3.0 million, primarily related to the mark to market of aluminum price protection options. Results were positively impacted by a net benefit of $4.1 million related to certain litigation items. Adjusted operating income was down $27 million in 2013, the most significant impact coming from the decline in LME. The company spent $49 million in CapEx at smelters in 2013 and that includes $24 million for the multiyear expansion program at Grundartangi. For CapEx, in 2014, the company expects to spend $15 million to $20 million on the Grundartangi expansion and another $10 million to wrap up spending on the first furnace at anode facility. The company also plans to spend about $10 million on other investment projects that are quick payback, high return projects.

Century Aluminum Co., Q4 2013 Earnings Call, Feb 20, 2014

Century Aluminum Co., Q4 2013 Earnings Call, Feb 20, 2014

Century Aluminum Co. to Report Q4, 2013 Results on Feb 20, 2014

Century Aluminum Co. announced that they will report Q4, 2013 results at 5:00 PM, Eastern Standard Time on Feb 20, 2014

Century Aluminum Co. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013

Century Aluminum Co. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net sales of $399,928,000 compared to $304,635,000 a year ago. Operating loss was $4,242,000 compared to $13,320,000 a year ago. Loss before income taxes and equity in earnings of joint ventures was $10,238,000 compared to $13,149,000 a year ago. Net loss allocated to common shareholders was $9,507,000 or $0.11 per basic and diluted share compared to $12,023,000 or $0.14 per basic and diluted share a year ago. Financial results were positively impacted by a net benefit of $4.1 million related to certain litigation items. For the nine months, the company reported net sales of $1,053,139,000 compared to $954,444,000 a year ago. Operating loss was $27,925,000 compared to $9,919,000 a year ago. Loss before income taxes and equity in earnings of joint ventures was $32,756,000 compared to $30,817,000 a year ago. Net loss allocated to common shareholders was $30,638,000 or $0.35 per basic and diluted share compared to $28,701,000 or $0.32 per basic and diluted share a year ago. Net cash provided by operating activities was $42,458,000 compared to $21,085,000 a year ago. Purchase of property, plant and equipment was $31,994,000 compared to $10,399,000 a year ago. Purchase of carbon anode assets and improvements was $8,519,000 compared to $14,185,000 a year ago. Purchase of Sebree smelter was $48,058,000. These results were positively impacted by an unrealized gain of $16.2 million primarily related to a LME-based contingent obligation, a gain on bargain purchase of $5.3 million and deferred power contract liability amortization of $14.5 million. Results were negatively impacted by a non-cash charge of $3.3 million for the early extinguishment of 8.0% Senior Notes and a charge of $4.7 million for severance and other expenses related to corporate headquarters relocation.

Century Aluminum Co. to Report Q3, 2013 Results on Nov 04, 2013

Century Aluminum Co. announced that they will report Q3, 2013 results at 5:00 PM, Eastern Standard Time on Nov 04, 2013

 

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