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Century Aluminum's Q3 Earnings Surpass Estimates, Revenues Miss

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Century Aluminum Company (CENX - Free Report) logged earnings of 46 cents per share for the third quarter of 2024, beating the Zacks Consensus Estimate of 32 cents. The figure compares favorably with the prior-year quarter’s loss of 45 cents and a loss of 3 cents in the previous quarter.

Find the latest EPS estimates and surprises on Zacks Earnings Calendar.

The sequential increase in earnings in the third quarter was due to the recognition of full-year 2023 and year-to-date 2024 Inflation Reduction Act Advanced Manufacturing credits, as well as greater LME aluminum price realization, which was somewhat offset by higher power prices.

Century Aluminum Company Price, Consensus and EPS Surprise

Century Aluminum Company Price, Consensus and EPS Surprise

Century Aluminum Company price-consensus-eps-surprise-chart | Century Aluminum Company Quote

CENX’s Revenues and Shipments

The company reported net sales of $539.1 million, down 1.1% year over year. The figure missed the Zacks Consensus Estimate of $587.1 million.

Primary aluminum shipments were 168,775 tons, down around 1.9% year over year.

CENX’s Financials

At the end of the quarter, the company had cash and cash equivalents of $32.6 million, down 53.6% year over year.

Net cash used by operating activities was $16.8 million for the nine months ended Sept. 30, 2024.

CENX’s Outlook

The company forecasts fourth-quarter adjusted EBITDA to be in the $70 million to $80 million range, driven by lower LME and regional premium prices offset by reduced power costs.

CENX’s Stock Price Performance

Shares of Century Aluminum have gained 223.4% in the past year compared with a 63.1% rise of the industry.

Zacks Investment Research
Image Source: Zacks Investment Research

CENX’s Rank & Key Picks

CENX currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks worth a look in the basic materials space include IAMGOLD Corporation (IAG - Free Report) , Sandstorm Gold Ltd. (SAND - Free Report) and Barrick Gold Corporation (GOLD - Free Report) .

IAMGOLD is slated to report third-quarter results on Nov. 7. The Zacks Consensus Estimate for third-quarter earnings is pegged at 11 cents. IAG beat the Zacks Consensus Estimate in three of the last four quarters, with the average earnings surprise being 200%. IAG carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Sandstorm Gold is scheduled to release third-quarter results on Nov. 7. The Zacks Consensus Estimate for SAND’s third-quarter earnings is pegged at 3 cents. SAND has rallied around 36% in the past year. Sandstorm Gold carries a Zacks Rank #2.

Barrick Gold is slated to report third-quarter results on Nov. 7, before the opening bell. The consensus estimate for Barrick Gold’s third-quarter earnings is pegged at 33 cents. GOLD, carrying a Zacks Rank #2, beat the consensus estimate in each of the last four quarters, with the average earnings surprise being 21.2%. 

 

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