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Century Aluminum's (CENX) Q2 Earnings Lag, Sales Beat Estimates
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Century Aluminum Company (CENX - Free Report) recorded a second-quarter 2024 loss of 3 cents per share. This compares with the year-ago quarter's earnings of 7 cents. The Zacks Consensus Estimate for earnings was 2 cents in the quarter.
Revenues and Shipments
The company generated net sales of $560.8 million in the reported quarter, down around 2.6% year over year. The figure beat the Zacks Consensus Estimate of $530.9 million.
Primary aluminum shipments were 167,908 tons, down around 3.3% year over year. Shipments fell 3.8% sequentially.
Century Aluminum Company Price, Consensus and EPS Surprise
At the end of the quarter, the company had cash and cash equivalents of $41.3 million, down 33% year over year.
Net cash used in operating activities was $3.3 million for the first six months ended Jun 30, 2024, compared with $1.9 million used in the year-ago period.
Outlook
Century anticipates its adjusted EBITDA for the third quarter in the range of $65-$75 million. This outlook reflects the impact of higher LME prices and regional premiums and the timing of shipments, partly offset by increased power costs.
Price Performance
Shares of Century Aluminum have surged 57.3% in the past year compared with a 16.4% rise of the industry.
The Zacks Consensus Estimate for FNV’s current-year earnings is pegged at $3.27. The consensus estimate for FNV’s earnings has increased by 3% in the past 60 days. FNV beat the consensus estimate in the last four quarters, with the average earnings surprise being 10.5%. It is scheduled to release second-quarter results on Aug 13.
The Zacks Consensus Estimate for ASM’s current-year earnings is pegged at 5 cents, indicating a year-over-year rise of 25%. The consensus estimate for ASM’s earnings has increased by 25% in the past 60 days. The company’s shares have increased 37.5% in the past year. It is slated to report second-quarter results on Aug 13.
The Zacks Consensus Estimate for Barrick's current-year earnings is pegged at $1.16, indicating a rise of 38.1% from year-ago levels. The consensus estimate for GOLD’s earnings has increased 9% in the past 60 days. The company’s shares have increased 4.1% in the past year. GOLD will release second-quarter results on Aug 12.
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Century Aluminum's (CENX) Q2 Earnings Lag, Sales Beat Estimates
Century Aluminum Company (CENX - Free Report) recorded a second-quarter 2024 loss of 3 cents per share. This compares with the year-ago quarter's earnings of 7 cents. The Zacks Consensus Estimate for earnings was 2 cents in the quarter.
Revenues and Shipments
The company generated net sales of $560.8 million in the reported quarter, down around 2.6% year over year. The figure beat the Zacks Consensus Estimate of $530.9 million.
Primary aluminum shipments were 167,908 tons, down around 3.3% year over year. Shipments fell 3.8% sequentially.
Century Aluminum Company Price, Consensus and EPS Surprise
Century Aluminum Company price-consensus-eps-surprise-chart | Century Aluminum Company Quote
Financials
At the end of the quarter, the company had cash and cash equivalents of $41.3 million, down 33% year over year.
Net cash used in operating activities was $3.3 million for the first six months ended Jun 30, 2024, compared with $1.9 million used in the year-ago period.
Outlook
Century anticipates its adjusted EBITDA for the third quarter in the range of $65-$75 million. This outlook reflects the impact of higher LME prices and regional premiums and the timing of shipments, partly offset by increased power costs.
Price Performance
Shares of Century Aluminum have surged 57.3% in the past year compared with a 16.4% rise of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Other Key Picks
CENX currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the Basic Materials space are Franco-Nevada Corporation (FNV - Free Report) , Avino Silver & Gold Mines Ltd. (ASM - Free Report) and Barrick Gold Corporation (GOLD - Free Report) . Franco-Nevada and Avino Silversport a Zacks Rank #1 (Strong Buy), while Barrick carries a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for FNV’s current-year earnings is pegged at $3.27. The consensus estimate for FNV’s earnings has increased by 3% in the past 60 days. FNV beat the consensus estimate in the last four quarters, with the average earnings surprise being 10.5%. It is scheduled to release second-quarter results on Aug 13.
The Zacks Consensus Estimate for ASM’s current-year earnings is pegged at 5 cents, indicating a year-over-year rise of 25%. The consensus estimate for ASM’s earnings has increased by 25% in the past 60 days. The company’s shares have increased 37.5% in the past year. It is slated to report second-quarter results on Aug 13.
The Zacks Consensus Estimate for Barrick's current-year earnings is pegged at $1.16, indicating a rise of 38.1% from year-ago levels. The consensus estimate for GOLD’s earnings has increased 9% in the past 60 days. The company’s shares have increased 4.1% in the past year. GOLD will release second-quarter results on Aug 12.