Why Is Century (CENX) Up 23.5% Since Last Earnings Report?
A month has gone by since the last earnings report for Century Aluminum (CENX). 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.
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Century Aluminum Company (CENX) : Free Stock Analysis Report
