A month has gone by since the last earnings report for Century Aluminum (CENX Quick QuoteCENX - Free Report) . Shares have added about 23.5% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Century due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Century Aluminum’s Q4 Earnings Beat Estimates, Sales Lag

Century Aluminum 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.

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 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.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed an upward trend in estimates revision.