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Century Aluminum (CENX) Q4 Earnings Beat Estimates, Sales Lag
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Century Aluminum Company (CENX - Free Report) incurred a fourth-quarter 2022 loss of $1.24 per share against the year-ago quarter's earnings of 59 cents.
Barring one-time items, the loss per share was 31 cents in the reported quarter, narrower than the Zacks Consensus Estimate of a loss of 44 cents. The bottom line was heavily affected by the unrealized losses that the company recorded on forward derivative contracts. Excess capacity charges relating to the Hawesville smelter also hurt the results.
Century Aluminum Company Price, Consensus and EPS Surprise
The company generated net sales of $529.9 million in the reported quarter, down around 20% year over year. The figure missed the Zacks Consensus Estimate of $558.4 million. The downside was primarily due to lower realized prices of aluminum and unfavorable volume.
Shipments of primary aluminum were 169,471 tons, down around 16% year over year. Shipments also declined 2% sequentially.
FY22 Results
Earnings, as adjusted, in the full-year 2022 were 26 cents per share against a loss of 62 cents a year ago. Net sales climbed 25.5% to $2,777.3 million.
Financials
At the end of the quarter, the company had cash and cash equivalents of $54.3 million, up 87.2% year over year.
Net cash provided by operating activities was $25.9 million in 2022 against net cash used of $64.7 million in the year-ago period.
Outlook
CENX expects a positive performance in 2023, backed by favorable aluminum prices due to steady long-term decarbonization trends resulting in higher aluminum demand. A downturn in global energy prices is also likely to support the performance in 2023.
The company expects its adjusted EBITDA in the first quarter to be in the range of $10-$15 million, factoring in improved input costs mitigated by lagged LME, delivery premiums, volume and mix.
Price Performance
Shares of Century Aluminum have plunged 57.2% in the past year against a 4.2% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Century Aluminum currently carries a Zacks Rank #3 (Hold).
Belden’s shares have gained 55.5% in the past year. The Zacks Consensus Estimate for BDC’s current-year earnings has been revised 6.4% upward in the past 60 days. The company has an earnings growth rate of 6.7% for the current year.
BDC topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 12.6% on average.
AGCO’s shares have gained 17.1% in the past year. The Zacks Consensus Estimate for AGCO’s current-year earnings has been revised 1.3% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
AGCO topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 13.4% on average.
Apogee’s shares have gained 4.7% in the past year. The company has an earnings growth rate of 59.7% for the current year.
APOG topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 46% on average.
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Century Aluminum (CENX) Q4 Earnings Beat Estimates, Sales Lag
Century Aluminum Company (CENX - Free Report) incurred a fourth-quarter 2022 loss of $1.24 per share against the year-ago quarter's earnings of 59 cents.
Barring one-time items, the loss per share was 31 cents in the reported quarter, narrower than the Zacks Consensus Estimate of a loss of 44 cents. The bottom line was heavily affected by the unrealized losses that the company recorded on forward derivative contracts. Excess capacity charges relating to the Hawesville smelter also hurt the results.
Century Aluminum Company Price, Consensus and EPS Surprise
Century Aluminum Company price-consensus-eps-surprise-chart | Century Aluminum Company Quote
Revenues and Shipments
The company generated net sales of $529.9 million in the reported quarter, down around 20% year over year. The figure missed the Zacks Consensus Estimate of $558.4 million. The downside was primarily due to lower realized prices of aluminum and unfavorable volume.
Shipments of primary aluminum were 169,471 tons, down around 16% year over year. Shipments also declined 2% sequentially.
FY22 Results
Earnings, as adjusted, in the full-year 2022 were 26 cents per share against a loss of 62 cents a year ago. Net sales climbed 25.5% to $2,777.3 million.
Financials
At the end of the quarter, the company had cash and cash equivalents of $54.3 million, up 87.2% year over year.
Net cash provided by operating activities was $25.9 million in 2022 against net cash used of $64.7 million in the year-ago period.
Outlook
CENX expects a positive performance in 2023, backed by favorable aluminum prices due to steady long-term decarbonization trends resulting in higher aluminum demand. A downturn in global energy prices is also likely to support the performance in 2023.
The company expects its adjusted EBITDA in the first quarter to be in the range of $10-$15 million, factoring in improved input costs mitigated by lagged LME, delivery premiums, volume and mix.
Price Performance
Shares of Century Aluminum have plunged 57.2% in the past year against a 4.2% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Century Aluminum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks to consider in the industrial products space are Belden Inc. (BDC - Free Report) , AGCO Corporation (AGCO - Free Report) and Apogee Enterprises, Inc. (APOG - Free Report) . AGCO and APOG both carry a Zacks Rank #2 (Buy), while BDC currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Belden’s shares have gained 55.5% in the past year. The Zacks Consensus Estimate for BDC’s current-year earnings has been revised 6.4% upward in the past 60 days. The company has an earnings growth rate of 6.7% for the current year.
BDC topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 12.6% on average.
AGCO’s shares have gained 17.1% in the past year. The Zacks Consensus Estimate for AGCO’s current-year earnings has been revised 1.3% upward in the past 60 days. The company has an earnings growth rate of 8% for the current year.
AGCO topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 13.4% on average.
Apogee’s shares have gained 4.7% in the past year. The company has an earnings growth rate of 59.7% for the current year.
APOG topped Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 46% on average.