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Century (CENX) Extends Power Contract for Grundartangi Smelter
Century Aluminum Company (CENX - Free Report) has announced an agreement between Nordural Grundartangi ehf, its fully-owned subsidiary, and Landsvirkjun, the National Power Company in Iceland, to extend its existing 161-MW power contract by three years through 2026.
Per the terms, the extension will increase to 182 MW over time to make way for flexibility that is necessary to support the latest capacity creep requirements and growth opportunities in the future, thereby enabling the plant to create value-added products.
Century has acknowledged the efforts of the Landsvirkjun team on finalizing the agreement and noted that the partnership will cater to the rising power needs of Grundartangi brought by the recent capacity creep and also future growth prospects at the smelter.
Shares of Century have grown 40.2% over a year, underperforming the industry’s rise of 50.6%. Its earnings growth rate for the current year is pegged at 185.5%.
Image Source: Zacks Investment Research
In its last-quarter earnings call, the company stated that it is seeing continued improvement in industry conditions, which reflects the pace and level of general manufacturing activity. The global primary aluminum market is in balance while global inventories continue to decline, the company noted. It also said that the availability of prompt metal units in its major markets remains constrained due to strong demand and limited global capacity additions.
Century Aluminum Company Price and Consensus
Century Aluminum Company price-consensus-chart | Century Aluminum Company Quote
Zacks Rank & Stocks to Consider
Currently, Century carries a Zacks Rank #5 (Strong Sell).
Better-ranked stocks in the industrial products space include Deere & Co. (DE - Free Report) , Lindsay Corp. (LNN - Free Report) and Greif, Inc. (GEF - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Deere has a projected earnings growth rate of 106.9% for the current fiscal. The company’s shares have surged 92.7% over a year.
Lindsay has a projected earnings growth rate of 17.4% for the current fiscal. The company’s shares have grown 57% over a year.
Greif has a projected earnings growth rate of 47.2% for the current fiscal. The company’s shares have rallied 55% over a year.