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Century Aluminum (CENX) Q4 Earnings Beat Estimates, Sales Lag
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Century Aluminum Company (CENX - Free Report) recorded fourth-quarter 2023 earnings of 30 cents per share. This is in contrast to the year-ago quarter's loss of $1.24 per share. The figure beat the Zacks Consensus Estimate of a loss of 23 cents per share.
Century Aluminum Company Price, Consensus and EPS Surprise
The company generated net sales of $512.3 million in the reported quarter, down around 3.3% year over year. The figure missed the Zacks Consensus Estimate of $514.4 million. Sales also fell 6% sequentially due to lower realized aluminum prices.
Shipments of primary aluminum were 173,871 tons, up around 2.6% year over year. Shipments also increased 1.1% sequentially.
FY23 Results
Earnings, as adjusted, in the full year 2023 were 33 cents per share compared with 26 cents a year ago. Net sales fell 21.3% year over year to $2,185.4 million.
Financials
Century's liquidity position as of Dec 31, 2023, which included $88.8 million in cash and cash equivalents and $223.7 million in combined borrowing availability, was $312.5 million, up $6.7 million from the third quarter of 2023.
Outlook
The company anticipates first-quarter adjusted EBITDA of $5-$15 million, factoring in decreased raw material prices offset by lower value-added product premiums.
Price Performance
Shares of Century Aluminum have declined 3.7% in the past year against the industry’s 2.3% rise.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Century Aluminum currently sports a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the basic materials space are United States Steel Corporation (X - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
United States Steel sports a current Zacks Rank of 1. X beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 54.8%. The company’s shares have soared 62.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently sports a Zacks Rank of 1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 33.7% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 69% upward in the past 60 days. It currently sports a Zacks Rank of 1. AMR delivered a trailing four-quarter earnings surprise of roughly 9.6%, on average. AMR shares are up around 128.8% in a year.
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Century Aluminum (CENX) Q4 Earnings Beat Estimates, Sales Lag
Century Aluminum Company (CENX - Free Report) recorded fourth-quarter 2023 earnings of 30 cents per share. This is in contrast to the year-ago quarter's loss of $1.24 per share. The figure beat the Zacks Consensus Estimate of a loss of 23 cents per share.
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 $512.3 million in the reported quarter, down around 3.3% year over year. The figure missed the Zacks Consensus Estimate of $514.4 million. Sales also fell 6% sequentially due to lower realized aluminum prices.
Shipments of primary aluminum were 173,871 tons, up around 2.6% year over year. Shipments also increased 1.1% sequentially.
FY23 Results
Earnings, as adjusted, in the full year 2023 were 33 cents per share compared with 26 cents a year ago. Net sales fell 21.3% year over year to $2,185.4 million.
Financials
Century's liquidity position as of Dec 31, 2023, which included $88.8 million in cash and cash equivalents and $223.7 million in combined borrowing availability, was $312.5 million, up $6.7 million from the third quarter of 2023.
Outlook
The company anticipates first-quarter adjusted EBITDA of $5-$15 million, factoring in decreased raw material prices offset by lower value-added product premiums.
Price Performance
Shares of Century Aluminum have declined 3.7% in the past year against the industry’s 2.3% rise.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
Century Aluminum currently sports a Zacks Rank #1 (Strong Buy).
Other top-ranked stocks in the basic materials space are United States Steel Corporation (X - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Alpha Metallurgical Resources Inc. (AMR - Free Report) .
United States Steel sports a current Zacks Rank of 1. X beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 54.8%. The company’s shares have soared 62.7% in the past year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Carpenter Technology currently sports a Zacks Rank of 1. CRS beat the Zacks Consensus Estimate in three of the last four quarters while matching it once, with the average earnings surprise being 12.2%. The company’s shares have soared 33.7% in the past year.
The Zacks Consensus Estimate for AMR’s current-year earnings has been revised 69% upward in the past 60 days. It currently sports a Zacks Rank of 1. AMR delivered a trailing four-quarter earnings surprise of roughly 9.6%, on average. AMR shares are up around 128.8% in a year.