Back to top

Image: Bigstock

Century Aluminum (CENX) & USW Ink 5-Year Bargaining Agreement

Read MoreHide Full Article

Century Aluminum Company's (CENX - Free Report) fully-owned subsidiary, Century Aluminum Sebree LLC, recently announced a new five-year collective bargaining agreement with the United Steelworkers (“USW”) for the Century Sebree aluminum smelter in Robards, KY. The agreement, which covers around 460 hourly workers at the Century Sebree facility, is effective immediately and extends through Oct 28, 2028.

This partnership between CENX and USW reflects a continuous commitment to expanding opportunities for the employees while also boosting Sebree's position in the highly competitive aluminum industry, the company noted.

Shares of Century Aluminum have lost 26.6% over the past year against a 1% rise of its industry.

Zacks Investment Research
Image Source: Zacks Investment Research

The company’s adjusted loss was 13 cents per share in the third quarter, narrower than the Zacks Consensus Estimate of a loss of 19 cents. It benefited from lower input prices and other cost savings, somewhat countered by lower aluminum prices.

Century Aluminum generated net sales of $545.2 million in the reported quarter, down around 14% year over year. The figure, however, beat the Zacks Consensus Estimate of $542.3 million.

The company, on its third-quarter call, said that it anticipates that its adjusted EBITDA for the fourth quarter will be in the range of $0-$10 million, primarily due to a decline in LME prices, partially mitigated by lower raw material costs.

Zacks Rank & Key Picks

Century Aluminum currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the basic materials space include Carpenter Technology Corporation (CRS - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .

Carpenter Technology has a projected earnings growth rate of 213.2% for the current fiscal year. It currently sports a Zacks Rank #1 (Strong Buy). CRS has a trailing four-quarter earnings surprise of roughly 14.3%, on average. The stock is up around 69.1 % in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.

Axalta has a projected earnings growth rate of 5.4% for the current year. It currently flaunts a Zacks Rank #1. AXTA has a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock is up around 16.2% in a year.

Andersons currently carries a Zacks Rank #2 (Buy). The stock has gained roughly 33.3% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.

Published in