Century Aluminum reports 13% rise in net sales with increased shipments to 200,961t in 4Q2021; Shipments in full-year dip 3% to 783,647t

On Thursday, February 24, Century Aluminum announced its fourth quarter and full-year 2021 results, revealing the net income of $60.4 million for Q4 versus $52.4 million a quarter ago. That was a quarterly increase of 15.27 per cent on higher shipments from 196,095 tonnes to 200,961 tonnes. Net sales increased by 13 per cent in Q4 from $581.4 million to $659.1 million sequentially.

Fourth-quarter results were positively impacted by $43.9 million of exceptional items, in particular $53.8 million of unrealized gains on forward derivative contracts (net of tax), partially offset by $9.9 million in share-based compensation costs. Thus, Century reported adjusted net income of $17.2 million for the fourth quarter of 2021, up by 202 per cent sequentially.

Adjusted EBITDA in Q4 was recorded at $82.2 million, an increase of $11.9 million from $70.3 million in Q3 2021.

For the full-year 2021, Century Aluminum reported a net income of $167.1 million, 35.52 per cent more than $123.3 million a year ago. Net sales grew from $1,605.1 million in FY2020 to $2,212.5 million in FY2021, despite 3 per cent decline in shipments from 811,176 tonnes to 783,647 tonnes.

Adjusted EBITDA for the full-year was $174.2 million in FY2021 versus $11.7 million in FY2020, primarily driven by higher prices of primary aluminum and increased regional premiums, partially offset by lower shipment volume and increased power prices.

In the results, Century also highlighted the beginning of the construction work of expansion project into low-carbon billet production for Grundartangi, Iceland smelter. Project will provide 150,000 tonnes of new green Natur-Al™ billets to serve European markets. It also mentioned the restart of Mt. Holly and Hawesville facilities.

Century’s President and Chief Executive Officer Jesse Gary said: Century had a transformative year in 2021, expanding production at our Hawesville and Mt. Holly facilities, and breaking ground on our new billet casthouse in Grundartangi. The investments we made and hard work our employees accomplished in 2021 leave us in excellent position to take advantage of the uniformly strong market conditions that we are experiencing throughout the aluminum sector."

He added, "We continue to recover well from the cyber attack that we suffered last week. Our operations and IT teams have done an excellent job maintaining production throughout the attack. While we continue to rely on manual operations in some areas, our teams are increasingly returning to normal operations across our locations."

source https://www.alcircle.com/news/century-aluminum-reports-13-rise-in-net-sales-with-increased-shipments-to-200-961t-in-4q2021-shipments-in-full-year-dip-3-to-783-647t-76712