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Century (CENX) & MX Holdings Team Up for Low-Carbon Billet
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Century Aluminum Company (CENX - Free Report) and MX Holdings, a renowned global player in non-ferrous metals procurement, processing and manufacturing, have inked a Memorandum of Understanding to establish a new joint venture. This collaboration is dedicated to the production and marketing of low-carbon secondary billet, placing a strong emphasis on sustainability and advanced engineering.
For MX Holdings, this partnership with Century signifies an exciting new chapter. With Century's shared values and expertise complementing MX Holdings’ customer-centric approach and advanced processes, the joint venture is poised to deliver a billet of exceptional quality while aligning with customers' sustainability objectives.
In addition to producing high-quality billet, the venture will continue billet production at existing Pennex facilities, ensuring a diverse range of alloys to meet specific customer demands.
Century is enthusiastic about the partnership, recognizing MX Holding's expertise in scrap knowledge and its production capabilities as a formidable combination. Leveraging their strengths, the companies aim to lead in providing next-generation extrusion products and establish themselves as key suppliers in this growing segment.
Initial production is scheduled to commence in 2026, with ambitious plans to scale up to an annual output of 250 million pounds. Positioned to become the largest American-owned secondary billet supplier globally, the joint venture is exploring potential locations in the Ohio Valley region.
Century Aluminum’s shares have increased 28.7% in the past year against a 19.4% rise of the industry.
Image Source: Zacks Investment Research
Century Aluminum reported earnings of 30 cents per share in fourth-quarter 2023, improving from the year-ago quarter's loss of $1.24 per share and surpassing the Zacks Consensus Estimate of a loss of 23 cents. Net sales declined nearly 3% year over year to $512.3 million, missing the Zacks Consensus Estimate of $514.4 million. Sales dropped 6% sequentially due to lower aluminum prices. The company foresees first-quarter adjusted EBITDA in the range pf $5-$15 million, taking into account lower raw material prices offset by reduced value-added product premiums.
Zacks Rank & Key Picks
Century Aluminum currently carries a Zacks Rank #3 (Hold).
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 57.2% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 41.4% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 77.7% in the past year.
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Century (CENX) & MX Holdings Team Up for Low-Carbon Billet
Century Aluminum Company (CENX - Free Report) and MX Holdings, a renowned global player in non-ferrous metals procurement, processing and manufacturing, have inked a Memorandum of Understanding to establish a new joint venture. This collaboration is dedicated to the production and marketing of low-carbon secondary billet, placing a strong emphasis on sustainability and advanced engineering.
For MX Holdings, this partnership with Century signifies an exciting new chapter. With Century's shared values and expertise complementing MX Holdings’ customer-centric approach and advanced processes, the joint venture is poised to deliver a billet of exceptional quality while aligning with customers' sustainability objectives.
In addition to producing high-quality billet, the venture will continue billet production at existing Pennex facilities, ensuring a diverse range of alloys to meet specific customer demands.
Century Aluminum Company Price and Consensus
Century Aluminum Company price-consensus-chart | Century Aluminum Company Quote
Century is enthusiastic about the partnership, recognizing MX Holding's expertise in scrap knowledge and its production capabilities as a formidable combination. Leveraging their strengths, the companies aim to lead in providing next-generation extrusion products and establish themselves as key suppliers in this growing segment.
Initial production is scheduled to commence in 2026, with ambitious plans to scale up to an annual output of 250 million pounds. Positioned to become the largest American-owned secondary billet supplier globally, the joint venture is exploring potential locations in the Ohio Valley region.
Century Aluminum’s shares have increased 28.7% in the past year against a 19.4% rise of the industry.
Image Source: Zacks Investment Research
Century Aluminum reported earnings of 30 cents per share in fourth-quarter 2023, improving from the year-ago quarter's loss of $1.24 per share and surpassing the Zacks Consensus Estimate of a loss of 23 cents. Net sales declined nearly 3% year over year to $512.3 million, missing the Zacks Consensus Estimate of $514.4 million. Sales dropped 6% sequentially due to lower aluminum prices. The company foresees first-quarter adjusted EBITDA in the range pf $5-$15 million, taking into account lower raw material prices offset by reduced value-added product premiums.
Zacks Rank & Key Picks
Century Aluminum currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the Basic Materials space are Carpenter Technology Corporation (CRS - Free Report) and Ecolab Inc. (ECL - Free Report) , each sporting a Zacks Rank #1 (Strong Buy), and Hawkins, Inc. (HWKN - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The consensus estimate for CRS’ current fiscal year earnings is pegged at $4 per share, indicating a year-over-year surge of 250.9%. CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 12.2%. The company’s shares have increased 57.2% in the past year.
Ecolab has a projected earnings growth rate of 22.65% for the current year. The Zacks Consensus Estimate for ECL’s current-year earnings has been revised upward by 5.4% in the past 60 days. ECL topped the consensus estimate in each of the last four quarters, with the average earnings surprise being 1.7%. The company’s shares have rallied 41.4% in the past year.
The consensus estimate for HWKN’s current fiscal year earnings is pegged at $3.61 per share, indicating a 26% year-over-year rise. HWKN beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 30.6%. The company’s shares have surged 77.7% in the past year.