S&P 500 rises as health care, tech gain to overshadow Fed independence concerns
CHICAGO - Century Aluminum Company (NASDAQ:CENX) reported fourth-quarter 2024 results that exceeded revenue expectations but fell short on earnings, sending its stock up 4% in after-hours trading.
The aluminum producer posted adjusted earnings per share of $0.49, missing the analyst consensus of $0.59. However, revenue for the quarter came in at $631 million, significantly above the $514.27 million analysts had projected and up 17% from the previous quarter.
Century Aluminum attributed the revenue increase to higher third-party alumina sales, improved aluminum prices, and increased regional premiums. The company’s net income for the quarter was $47.7 million, or $0.47 per diluted share, slightly up from $47.3 million in the third quarter.
"We saw strong demand and pricing for our products in the fourth quarter, driving substantial revenue growth," said Jesse Gary, President and CEO of Century Aluminum. "While earnings were impacted by some one-time factors, our underlying business performance remains solid."
For the full year 2024, Century Aluminum reported net sales of $2.2 billion and net income of $339.4 million, or $3.29 per share. The company highlighted record production at its Sebree, Kentucky facility and the completion of a billet casthouse expansion in Iceland.
Looking ahead, Century Aluminum provided guidance for the first quarter of 2025, projecting adjusted EBITDA between $75 million and $85 million. The company cited improved metal pricing and regional premiums as positive factors, offset by higher energy and raw material costs.
The aluminum producer ended 2024 with $32.9 million in cash and cash equivalents and total liquidity of $244.5 million as of December 31.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.