Century Aluminum Company (NASDAQ: CENX) today announced fourth
quarter and full year 2018 results.
Fourth Quarter 2018 Financial Results
- Shipments of 199,466 tonnes, a 9% increase over prior quarter
driven by restarts at Hawesville and Sebree
- Net sales of $486.9 million, a 1% increase over prior quarter
despite lower LME prices
- Net loss of $65.0 million, or $(0.74) per share
- Adjusted net loss(1) of $40.7 million, or $(0.43) per
share
- Adjusted EBITDA(1) of $(18.1) million driven by the
historically high alumina price relative to the metal price
Full Year 2018 Financial Results
- Shipments of 749,850 tonnes, a 1% increase over prior year
driven by the restart at Hawesville partially offset by the
temporary line loss at Sebree
- Net sales of $1,893.2 million, a 19% increase over prior
year
- Net loss of $66.2 million, or $(0.76) per share
- Adjusted net loss(1) of $13.0 million, or $(0.14) per
share
- Adjusted EBITDA(1) of $86.0 million despite the historically
high alumina price relative to the metal price
| $MM (except shipments and per share
data) |
| |
|
Q3
2018 |
|
|
|
Q4
2018 |
|
|
|
FY
2017 |
|
|
|
FY
2018 |
|
|
Shipments (tonnes) |
182,926 |
|
|
199,466 |
|
|
743,198 |
|
|
749,850 |
|
|
Net sales |
$ |
481.8 |
|
|
$ |
486.9 |
|
|
$ |
1,589.1 |
|
|
$ |
1,893.2 |
|
|
Net income (loss) |
(20.3 |
) |
|
(65.0 |
) |
|
48.6 |
|
|
(66.2 |
) |
|
Diluted earnings (loss) per share |
(0.23 |
) |
|
(0.74 |
) |
|
0.51 |
|
|
(0.76 |
) |
|
Adjusted net income (loss)(1) |
2.3 |
|
|
(40.7 |
) |
|
34.7 |
|
|
(13.0 |
) |
|
Adjusted earnings (loss) per share(1) |
0.02 |
|
|
(0.43 |
) |
|
0.36 |
|
|
(0.14 |
) |
|
Adjusted EBITDA(1) |
28.7 |
|
|
(18.1 |
) |
|
167.5 |
|
|
86.0 |
|
| |
|
|
|
|
|
|
|
Notes:(1) Non-GAAP measure; see reconciliation of GAAP to
non-GAAP financial measures
In the fourth quarter of 2018, shipments of primary aluminum
were 199,466 tonnes compared with 182,926 tonnes shipped in the
third quarter of 2018, reflecting the impact of the Hawesville and
Sebree restarts. Net sales for the fourth quarter of 2018
were $486.9 million compared with $481.8 million for the third
quarter of 2018, reflecting a 1% increase over prior quarter
despite lower LME prices.
Century reported a net loss of $65.0 million for the fourth
quarter of 2018. This result compares to a net loss of $20.3
million for the third quarter of 2018. Fourth quarter results
were negatively impacted by $24.3 million of exceptional items,
including a $29.1 million lower of cost or net realizable value
inventory adjustment (net of tax).
The adjusted net loss for the fourth quarter of 2018 was $40.7
million compared to adjusted net income of $2.3 million for the
third quarter of 2018.
Adjusted EBITDA for the fourth quarter of 2018 was $(18.1)
million driven by the historically high alumina price relative to
the metal price. This result was down $46.8 million from the
third quarter of 2018 due to lower LME prices.
Century's cash position at quarter end was $38.9 million and
revolver availability was $156.9 million.
For the full year 2018, shipments of primary aluminum were
749,850 tonnes compared with 743,198 tonnes shipped in 2017,
reflecting the impact of the Hawesville restart partially offset by
the equipment failure at Sebree. Net sales for the full year
2018 were $1,893.2 million compared with $1,589.1 million for
2017.
For the full year 2018, Century reported a net loss of $66.2
million. This result compares to net income of $48.6 million
for the full year 2017. Full year 2018 results were
negatively impacted by $53.2 million of exceptional items,
primarily due to a $35.0 million lower of cost or net realizable
value inventory adjustment (net of tax) and by $21.1 million
related to the equipment failure at Sebree.
The adjusted net loss for the full year 2018 was $13.0 million
compared to adjusted net income of $34.7 million for the full year
2017.
Adjusted EBITDA for the full year 2018 was $86.0 million, down
$81.5 million over prior year driven by the historically high
alumina price relative to the metal price.
“Conditions in our industry remain sound,” commented Michael
Bless, President and Chief Executive Officer. “The global
deficit in primary aluminum in 2018 was over 1.5 million tonnes,
consisting of a surplus in China and a deficit of over 2 million
tonnes in the remainder of the world. This global deficit
level is expected to repeat in 2019. Demand continues to be
strong in our markets in the U.S. and Europe. The alumina
price remains materially above historical levels, correlating to
23% of the metal price during the fourth quarter; we continue to
assess alumina’s fair value as 17% or below. Bottom line, we
believe industry conditions should be attractive for Century during
2019, especially once the geopolitical picture for commodities
generally becomes clearer.”
Bless continued, “We made good progress in our operations during
the last several months. The restart of the idled capacity at
Hawesville remains on schedule and on budget, with the startup of
the last of the curtailed potlines nearing completion. The
next step will be the determination of the rebuild schedule for the
two potlines that have been continuously operating. Most
important, the team at Hawesville has accomplished this complex
process without a serious safety incident; this laudable
achievement is the result of meticulous planning and training,
followed by attention to detail during the execution phase.
At Mt. Holly, we concluded a two-year extension to the 75 percent
market power based contract; we remain determined and fully
committed to finding a path to achieving full market access, which
would enable a return to full production.”
“Controllable cost performance was excellent during the
quarter. The relationship between alumina and aluminum
prices, as we forecast, had a negative impact on financial
performance. In addition, cash flow was impacted, as
expected, by the bulk of the remaining capital spending for the
Hawesville restart project. First quarter financial
performance will again be burdened by high realized alumina prices
as alumina purchased several months ago will be reflected in our
financial statements. It is important to note that beginning
in the second quarter of 2019, we anticipate EBITDA to be positive
at spot prices and our liquidity remains strong. In addition, we
are confident the company’s financial position will strengthen as a
result of incremental profitability from the additional production
volume at Hawesville, combined with a reduction in the capital
required for this project.”
About Century Aluminum
Century Aluminum Company owns primary aluminum capacity in the
United States and Iceland. Century's corporate offices are
located in Chicago, IL. Visit www.centuryaluminum.com for more
information.
Non-GAAP Financial Measures
Adjusted net income, adjusted earnings per share and adjusted
EBITDA are non-GAAP financial measures that management uses to
evaluate Century's financial performance. These non-GAAP
financial measures facilitate comparisons of this period’s results
with prior periods on a consistent basis by excluding items that
management does not believe are indicative of Century’s ongoing
operating performance and ability to generate cash.
Management believes these non-GAAP financial measures enhance an
overall understanding of Century’s performance and our investors’
ability to review Century’s business from the same perspective as
management. The tables below, under the heading
"Reconciliation of Non-GAAP Financial Measures," provide a
reconciliation of each non-GAAP financial measure to the most
directly comparable GAAP financial measure. Non-GAAP
financial measures should be viewed in addition to, and not as an
alternative for, Century's reported results prepared in accordance
with GAAP. In addition, because not all companies use
identical calculations, adjusted net income, adjusted earnings per
share and adjusted EBITDA included in this press release may not be
comparable to similarly titled measures of other companies.
Investors are encouraged to review the reconciliations in
conjunction with the presentation of these non-GAAP financial
measures.
Cautionary Statement
This press release and statements made by Century Aluminum
Company management on the quarterly conference call contain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995, Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward-looking statements are statements about
future events and are based on our current expectations.
These forward-looking statements may be identified by the words
"believe," "expect," "hope," "target," "anticipate," "intend,"
"plan," "seek," "estimate," "potential," "project," "scheduled,"
"forecast" or words of similar meaning, or future or conditional
verbs such as "will," "would," "should," "could," "might," or
"may." Our forward-looking statements include, without
limitation, statements with respect to: future global and local
financial and economic conditions; our assessment of the aluminum
market and aluminum prices (including premiums); the future impact
of any Section 232 relief, including tariffs or other trade
remedies to Century, on aluminum prices or more generally, the
extent to which any such remedies may be changed, including through
exclusions or exemptions, and the duration of any such remedy; our
assessment of power pricing and our ability to successfully obtain
and/or implement long-term competitive power arrangements for our
operations and projects; our ability to successfully manage
transmission issues and market power price risk and to control or
reduce power costs; our ability to procure alumina, carbon products
and other raw materials and our assessment of pricing and costs and
other terms relating thereto; our intention and ability to bring
our Hawesville smelter back to full production and any plans,
expectations, costs or assumptions with respect thereto; any future
impact of the May 2018 Sebree equipment failure on our financial
and operating performance, including our expectations with respect
to insurance coverage with respect thereto; the future operation of
our smelters and our other operations, including future production
restarts or curtailments and any costs, benefits or actions
associated therewith; future investments in new technology or other
production improvements; the future financial and operating
performance of Century, its subsidiaries and its projects; future
inventory, production, sales, cash costs and capital expenditures;
future operational improvements; future impairment charges or
restructuring costs; our anticipated tax liabilities, benefits or
refunds including the realization of U.S. and certain foreign
deferred tax assets and liabilities and the impact of recent tax
reform in the U.S.; our assessment of the ultimate outcome of our
outstanding litigation; our plans and expectations with respect to
the sale or other disposition of our 40% interest in BHH; our
ability to access existing or future financing arrangements; future
construction, investment and development; and our future business
objectives, strategies and initiatives.
Where we express an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith and
believed to have a reasonable basis. However, our
forward-looking statements are based on current expectations and
assumptions that are subject to risks and uncertainties which may
cause actual results to differ materially from future results
expressed, projected or implied by those forward-looking
statements. Important factors that could cause actual results
and events to differ from those described in such forward-looking
statements can be found in the risk factors and forward-looking
statements cautionary language contained in our Annual Report on
Form 10-K, quarterly reports on Form 10-Q and in other filings made
with the Securities and Exchange Commission. Although we have
attempted to identify those material factors that could cause
actual results or events to differ from those described in such
forward-looking statements, there may be other factors that could
cause results or events to differ from those anticipated, estimated
or intended. Many of these factors are beyond our ability to
control or predict. Given these uncertainties, investors are
cautioned not to place undue reliance on our forward-looking
statements. We undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events, or otherwise.
| CENTURY ALUMINUM COMPANY |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (in millions, except per share amounts) |
| (Unaudited) |
| |
Three months ended |
| |
December 31, |
|
September 30, |
|
December 31, |
| |
2017 |
|
2018 |
|
2018 |
| NET SALES: |
|
|
|
|
|
| Related
parties |
$ |
322.0 |
|
|
$ |
305.3 |
|
|
$ |
320.3 |
|
| Other
customers |
111.9 |
|
|
176.5 |
|
|
166.6 |
|
| Total net sales |
433.9 |
|
|
481.8 |
|
|
486.9 |
|
| Cost of
goods sold |
386.0 |
|
|
493.6 |
|
|
546.2 |
|
| Gross profit
(loss) |
47.9 |
|
|
(11.8 |
) |
|
(59.3 |
) |
| Selling,
general and administrative expenses |
11.4 |
|
|
8.8 |
|
|
8.7 |
|
| Helguvik
(gains) |
(7.3 |
) |
|
(4.5 |
) |
|
— |
|
| Other
operating (income) expense - net |
0.5 |
|
|
(0.5 |
) |
|
0.4 |
|
| Operating income
(loss) |
43.3 |
|
|
(15.6 |
) |
|
(68.4 |
) |
| Interest
expense |
(5.6 |
) |
|
(5.6 |
) |
|
(5.7 |
) |
| Interest
income |
0.5 |
|
|
0.4 |
|
|
0.2 |
|
| Net gain
on forward and derivative contracts |
0.5 |
|
|
0.8 |
|
|
3.6 |
|
| Other
income (expense) - net |
(0.1 |
) |
|
0.7 |
|
|
1.1 |
|
| Income (loss) before
income taxes and equity in earnings of joint ventures |
38.6 |
|
|
(19.3 |
) |
|
(69.2 |
) |
| Income
tax (expense) benefit |
(3.1 |
) |
|
(1.7 |
) |
|
3.2 |
|
| Income (loss) before
equity in earnings of joint ventures |
35.5 |
|
|
(21.0 |
) |
|
(66.0 |
) |
| Equity in
earnings of joint ventures |
0.3 |
|
|
0.7 |
|
|
1.0 |
| Net income (loss) |
$ |
35.8 |
|
|
$ |
(20.3 |
) |
|
$ |
(65.0 |
) |
| |
|
|
|
|
|
| Net income (loss)
allocated to common stockholders |
$ |
33.0 |
|
|
$ |
(20.3 |
) |
|
$ |
(65.0 |
) |
| EARNINGS (LOSS) PER
COMMON SHARE: |
|
|
|
|
|
|
Basic |
$ |
0.38 |
|
|
$ |
(0.23 |
) |
|
$ |
(0.74 |
) |
|
Diluted |
$ |
0.37 |
|
|
$ |
(0.23 |
) |
|
$ |
(0.74 |
) |
| WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: |
|
|
|
|
|
|
Basic |
87.3 |
|
|
87.6 |
|
|
87.6 |
|
|
Diluted |
88.2 |
|
|
87.6 |
|
|
87.6 |
|
| |
|
|
|
|
|
| CENTURY ALUMINUM COMPANY |
| CONSOLIDATED STATEMENTS OF OPERATIONS |
| (in millions, except per share amounts) |
| (Unaudited) |
| |
Twelve months ended |
| |
December 31, |
|
December 31, |
| |
2017* |
|
2018 |
| NET SALES: |
|
|
|
| Related
parties |
$ |
1,198.1 |
|
|
$ |
1,204.5 |
|
| Other
customers |
391.0 |
|
|
688.7 |
|
| Total net sales |
1,589.1 |
|
|
1,893.2 |
|
| Cost of
goods sold |
1,457.8 |
|
|
1,916.1 |
|
| Gross profit
(loss) |
131.3 |
|
|
(22.9 |
) |
| Selling,
general and administrative expenses |
44.8 |
|
|
40.2 |
|
| Helguvik
(gains) |
(7.3 |
) |
|
(4.5 |
) |
|
Ravenswood (gains) |
(5.5 |
) |
|
— |
|
| Other
operating expense - net |
2.1 |
|
|
0.4 |
|
| Operating income
(loss) |
97.2 |
|
|
(59.0 |
) |
| Interest
expense |
(22.2 |
) |
|
(22.4 |
) |
| Interest
income |
1.4 |
|
|
1.5 |
|
| Net gain
(loss) on forward and derivative contracts |
(16.5 |
) |
|
6.3 |
|
| Other
income (expense) - net |
(4.5 |
) |
|
3.0 |
|
| Income (loss) before
income taxes and equity in earnings of joint ventures |
55.4 |
|
|
(70.6 |
) |
| Income
tax (expense) benefit |
(7.6 |
) |
|
0.2 |
|
| Income (loss) before
equity in earnings of joint ventures |
47.8 |
|
|
(70.4 |
) |
| Equity in
earnings of joint ventures |
0.8 |
|
|
4.2 |
|
| Net income (loss) |
$ |
48.6 |
|
|
$ |
(66.2 |
) |
| |
|
|
|
| Net income (loss)
allocated to common stockholders |
$ |
44.7 |
|
|
$ |
(66.2 |
) |
| EARNINGS (LOSS) PER
COMMON SHARE: |
|
|
|
|
Basic |
$ |
0.51 |
|
|
$ |
(0.76 |
) |
|
Diluted |
$ |
0.51 |
|
|
$ |
(0.76 |
) |
| WEIGHTED AVERAGE COMMON
SHARES OUTSTANDING: |
|
|
|
|
Basic |
87.3 |
|
|
87.6 |
|
|
Diluted |
88.0 |
|
|
87.6 |
|
| |
|
|
|
* As adjusted due to the adoption of ASU 2017-07, Compensation -
Retirement Benefits (Topic 715): Improving the Presentation of Net
Periodic Pension Cost and Net Periodic Postretirement Benefit
Cost
| CENTURY ALUMINUM COMPANY |
| CONSOLIDATED BALANCE SHEETS |
| (in millions, except per share amounts) |
| (Unaudited) |
| |
December 31, 2017 |
|
December 31, 2018 |
| ASSETS |
|
|
|
| Cash and cash
equivalents |
$ |
167.2 |
|
|
$ |
38.9 |
|
| Restricted cash |
0.8 |
|
|
0.8 |
|
| Accounts receivable -
net |
43.1 |
|
|
82.5 |
|
| Due from affiliates |
10.4 |
|
|
22.7 |
|
| Inventories |
317.5 |
|
|
343.8 |
|
| Prepaid and other current
assets |
14.7 |
|
|
18.0 |
|
| Total
current assets |
553.7 |
|
|
506.7 |
|
| Property, plant and
equipment - net |
971.9 |
|
|
967.3 |
|
| Other assets |
56.0 |
|
|
63.5 |
|
| TOTAL |
$ |
1,581.6 |
|
|
$ |
1,537.5 |
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
LIABILITIES: |
|
|
|
| Accounts payable,
trade |
$ |
89.9 |
|
|
$ |
119.4 |
|
| Due to affiliates |
20.4 |
|
|
10.3 |
|
| Accrued and other current
liabilities |
61.4 |
|
|
52.5 |
|
| Accrued employee benefits
costs |
11.0 |
|
|
11.0 |
|
| Revolving credit
facility |
— |
|
|
23.3 |
|
| Industrial revenue
bonds |
7.8 |
|
|
7.8 |
|
| Total current liabilities |
190.5 |
|
|
224.3 |
|
| Senior notes payable |
248.2 |
|
|
248.6 |
|
| Accrued pension benefits
costs - less current portion |
38.9 |
|
|
50.9 |
|
| Accrued postretirement
benefits costs - less current portion |
113.0 |
|
|
101.2 |
|
| Other liabilities |
57.9 |
|
|
46.0 |
|
| Deferred taxes |
103.5 |
|
|
104.3 |
|
| Total
noncurrent liabilities |
561.5 |
|
|
551.0 |
|
| |
|
|
|
| SHAREHOLDERS’
EQUITY: |
|
|
|
| Series A Preferred stock
(one cent par value, 5,000,000 shares authorized; 160,000 issued
and 74,364 outstanding at December 31, 2017; 160,000 issued and
71,967 outstanding at December 31, 2018) |
0.0 |
|
0.0 |
| Common stock (one cent par
value, 195,000,000 authorized; 94,731,298 issued and 87,544,777
outstanding at December 31, 2017; 95,289,961 issued and 88,103,440
outstanding at December 31, 2018) |
0.9 |
|
|
1.0 |
|
| Additional paid-in
capital |
2,517.4 |
|
|
2,523.0 |
|
| Treasury stock, at
cost |
(86.3 |
) |
|
(86.3 |
) |
| Accumulated other
comprehensive loss |
(91.7 |
) |
|
(98.7 |
) |
| Accumulated deficit |
(1,510.7 |
) |
|
(1,576.8 |
) |
| Total
shareholders’ equity |
829.6 |
|
|
762.2 |
|
| TOTAL |
$ |
1,581.6 |
|
|
$ |
1,537.5 |
|
| |
|
|
|
|
|
|
|
| CENTURY ALUMINUM COMPANY |
| CONSOLIDATED STATEMENTS OF CASH FLOWS |
| (in millions) |
| (Unaudited) |
| |
Twelve months ended |
| |
December 31, |
|
December 31, |
| |
2017* |
|
2018 |
| CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
| Net income
(loss) |
$ |
48.6 |
|
|
$ |
(66.2 |
) |
|
Adjustments to reconcile net income (loss) to net cash provided by
(used in) operating activities: |
|
|
|
| Lower of
cost or NRV inventory adjustment |
(1.1 |
) |
|
36.5 |
|
|
Unrealized (gains) on forward and derivative contracts |
— |
|
|
(6.5 |
) |
|
Depreciation and amortization |
84.2 |
|
|
90.1 |
|
| Helguvik
(gains) |
(7.3 |
) |
|
(4.5 |
) |
|
Ravenswood (gains) |
(5.5 |
) |
|
— |
|
| Other
non-cash items - net |
(6.7 |
) |
|
(13.2 |
) |
| Change in
operating assets and liabilities: |
|
|
|
| Accounts
receivable - net |
(30.6 |
) |
|
(39.4 |
) |
| Due from
affiliates |
6.3 |
|
|
(12.4 |
) |
|
Inventories |
(67.5 |
) |
|
(62.8 |
) |
| Prepaid
and other current assets |
7.8 |
|
|
(0.9 |
) |
| Accounts
payable, trade |
4.7 |
|
|
30.5 |
|
| Due to
affiliates |
4.8 |
|
|
(10.1 |
) |
| Accrued
and other current liabilities |
14.5 |
|
|
(11.1 |
) |
|
Ravenswood retiree legal settlement |
(5.0 |
) |
|
(2.0 |
) |
| Other -
net |
4.3 |
|
|
2.9 |
|
| Net cash
(used in) provided by operating activities |
51.5 |
|
|
(69.1 |
) |
| CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
| Purchase
of property, plant and equipment |
(31.8 |
) |
|
(83.0 |
) |
| Proceeds
from sale of property, plant and equipment |
14.4 |
|
|
0.1 |
|
| Net cash
(used in) investing activities |
(17.4 |
) |
|
(82.9 |
) |
| CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
Borrowings under revolving credit facilities |
1.3 |
|
|
23.3 |
|
|
Repayments under revolving credit facilities |
(1.3 |
) |
|
— |
|
| Issuance
of common stock |
0.4 |
|
|
0.4 |
|
| Net cash
provided by financing activities |
0.4 |
|
|
23.7 |
|
| CHANGE IN CASH, CASH
EQUIVALENTS, AND RESTRICTED CASH |
34.5 |
|
|
(128.3 |
) |
| Cash, cash equivalents
and restricted cash, beginning of year |
133.5 |
|
|
168.0 |
|
| Cash, cash equivalents
and restricted cash, end of year |
$ |
168.0 |
|
|
$ |
39.7 |
|
| |
|
|
|
| Supplemental Cash Flow
Information: |
|
|
|
| Cash paid for: |
|
|
|
|
Interest |
$ |
19.5 |
|
|
$ |
19.7 |
|
|
Taxes |
5.6 |
|
|
13.1 |
|
| Non-cash investing
activities: |
|
|
|
| Capital
expenditures |
0.6 |
|
|
8.0 |
|
|
|
|
|
|
|
|
* Adjusted due to the adoption of ASU 2016-18 “Statement of Cash
Flows (Topic 230) Restricted Cash”
| CENTURY ALUMINUM
COMPANYSELECTED OPERATING DATA(in
millions, except shipments)(Unaudited) |
| |
|
|
|
|
| SHIPMENTS - PRIMARY
ALUMINUM(1) |
|
|
|
|
| |
|
|
|
|
|
|
| |
|
United
States |
|
Iceland |
|
Total |
| |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
|
Tonnes |
|
Sales $ |
| 2018 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4th Quarter |
|
117,683 |
|
|
$ |
301.8 |
|
|
81,782 |
|
|
$ |
183.1 |
|
|
199,466 |
|
|
$ |
484.9 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 3rd Quarter |
|
103,103 |
|
|
$ |
283.3 |
|
|
79,823 |
|
|
$ |
194.5 |
|
|
182,926 |
|
|
$ |
477.8 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
| 4th Quarter |
|
108,754 |
|
|
$ |
253.5 |
|
|
80,246 |
|
|
$ |
178.7 |
|
|
189,000 |
|
|
$ |
432.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Full Year 2018 |
|
428,389 |
|
|
$ |
1,121.9 |
|
|
321,461 |
|
|
$ |
752.3 |
|
|
749,850 |
|
|
$ |
1,874.2 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Full Year 2017 |
|
425,669 |
|
|
$ |
929.6 |
|
|
317,529 |
|
|
$ |
650.7 |
|
|
743,198 |
|
|
$ |
1,580.3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:(1) Excludes scrap aluminum sales.
| CENTURY ALUMINUM
COMPANYRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(in millions, except per share
amounts)(Unaudited) |
|
|
| |
Three months ended |
|
Three months ended |
| |
September 30, 2018 |
|
December 31, 2018 |
| |
$MM |
|
EPS |
|
$MM |
|
EPS |
| Net loss
as reported |
$ |
(20.3 |
) |
|
$ |
(0.23 |
) |
|
$ |
(65.0 |
) |
|
$ |
(0.74 |
) |
| Lower of
cost or NRV inventory adjustment, net of tax |
9.2 |
|
|
0.10 |
|
|
29.1 |
|
|
0.33 |
|
| Net
(gain) on forward and derivative contracts |
— |
|
|
— |
|
|
(3.2 |
) |
|
(0.04 |
) |
| Sebree
equipment failure |
16.9 |
|
|
0.19 |
|
|
(4.3 |
) |
|
(0.05 |
) |
|
Hawesville restart project |
(0.7 |
) |
|
(0.01 |
) |
|
2.7 |
|
|
0.03 |
|
| Sebree
signing bonus |
1.7 |
|
|
0.02 |
|
|
— |
|
|
— |
|
| Helguvik
(gains) |
(4.5 |
) |
|
(0.05 |
) |
|
— |
|
|
— |
|
| Impact of
preferred shares |
— |
|
|
— |
|
|
— |
|
|
0.04 |
|
| Adjusted net
income (loss) |
$ |
2.3 |
|
|
$ |
0.02 |
|
|
$ |
(40.7 |
) |
|
$ |
(0.43 |
) |
| |
Three Months Ended |
|
Three Months Ended |
| |
September 30, 2018 |
|
December 31, 2018 |
| Net loss
as reported |
$ |
(20.3 |
) |
|
$ |
(65.0 |
) |
| Interest
expense |
5.6 |
|
|
5.7 |
|
| Interest
income |
(0.4 |
) |
|
(0.2 |
) |
| Net
(gain) on forward and derivative contracts |
(0.8 |
) |
|
(3.6 |
) |
| Other
(income) - net |
(0.7 |
) |
|
(1.1 |
) |
| Income
tax expense (benefit) |
1.7 |
|
|
(3.2 |
) |
| Equity in
earnings of joint ventures |
(0.7 |
) |
|
(1.0 |
) |
| Operating
loss |
$ |
(15.6 |
) |
|
$ |
(68.4 |
) |
| Lower of
cost or NRV inventory adjustment |
9.2 |
|
|
30.6 |
|
| Sebree
equipment failure |
16.9 |
|
|
(4.3 |
) |
|
Hawesville restart project |
(2.9 |
) |
|
0.6 |
|
| Sebree
signing bonus |
1.7 |
|
|
— |
|
| Helguvik
(gains) |
(4.5 |
) |
|
— |
|
|
Depreciation and amortization |
23.9 |
|
|
23.4 |
|
| Adjusted
EBITDA |
$ |
28.7 |
|
|
$ |
(18.1 |
) |
| |
|
|
|
|
|
|
|
| CENTURY ALUMINUM
COMPANYRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(in millions, except per share
amounts)(Unaudited) |
|
|
| |
Twelve months ended |
|
Twelve months ended |
| |
December 31, 2017 |
|
December 31, 2018 |
| |
$MM |
|
EPS |
|
$MM |
|
EPS |
| Net income
(loss) as reported |
$ |
48.6 |
|
|
$ |
0.51 |
|
|
$ |
(66.2 |
) |
|
$ |
(0.76 |
) |
| Lower of
cost or NRV inventory adjustment, net of tax |
(1.1 |
) |
|
(0.01 |
) |
|
35.0 |
|
|
0.40 |
|
| Net
(gain) on forward and derivative contracts |
— |
|
|
— |
|
|
(5.1 |
) |
|
(0.06 |
) |
| Sebree
equipment failure |
— |
|
|
— |
|
|
21.1 |
|
|
0.24 |
|
|
Hawesville restart project |
— |
|
|
— |
|
|
5.0 |
|
|
0.06 |
|
| Sebree
signing bonus |
— |
|
|
— |
|
|
1.7 |
|
|
0.02 |
|
| Helguvik
(gains) |
(7.3 |
) |
|
(0.08 |
) |
|
(4.5 |
) |
|
(0.05 |
) |
|
Ravenswood (gains) |
(5.5 |
) |
|
(0.06 |
) |
|
— |
|
|
— |
|
| Impact of
preferred shares |
— |
|
|
— |
|
|
— |
|
|
0.01 |
|
| Adjusted net
income (loss) |
$ |
34.7 |
|
|
$ |
0.36 |
|
|
$ |
(13.0 |
) |
|
$ |
(0.14 |
) |
| |
Twelve Months Ended |
|
Twelve Months Ended |
| |
December 31, 2017* |
|
December 31, 2018 |
| Net income
(loss) as reported |
$ |
48.6 |
|
|
$ |
(66.2 |
) |
| Interest
expense |
22.2 |
|
|
22.4 |
|
| Interest
income |
(1.4 |
) |
|
(1.5 |
) |
| Net
(gain) loss on forward and derivative contracts |
16.5 |
|
|
(6.3 |
) |
| Other
(income) expense - net |
4.5 |
|
|
(3.0 |
) |
| Income
tax expense (benefit) |
7.6 |
|
|
(0.2 |
) |
| Equity in
earnings of joint ventures |
(0.8 |
) |
|
(4.2 |
) |
| Operating income
(loss) |
$ |
97.2 |
|
|
$ |
(59.0 |
) |
| Lower of
cost or NRV inventory adjustment |
(1.1 |
) |
|
36.5 |
|
| Sebree
equipment failure |
— |
|
|
21.1 |
|
|
Hawesville restart project |
— |
|
|
0.1 |
|
| Sebree
signing bonus |
— |
|
|
1.7 |
|
| Helguvik
(gains) |
(7.3 |
) |
|
(4.5 |
) |
|
Ravenswood (gains) |
(5.5 |
) |
|
— |
|
|
Depreciation and amortization |
84.2 |
|
|
90.1 |
|
| Adjusted
EBITDA |
$ |
167.5 |
|
|
$ |
86.0 |
|
| |
|
|
|
|
|
|
|
* As adjusted due to the adoption of ASU 2017-07, Compensation -
Retirement Benefits (Topic 715): Improving the Presentation of Net
Periodic Pension Cost and Net Periodic Postretirement Benefit
Cost
ContactPeter Trpkovski(Investors and
media)312-696-3112
Source: Century Aluminum Company
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