CENTURY ALUMINUM CO Files 10-Q for Q1 2024
Ticker: CENX · Form: 10-Q · Filed: May 1, 2024 · CIK: 949157
Sentiment: neutral
Topics: Century Aluminum, CENX, 10-Q, Q1 2024, Aluminum Production
TL;DR
<b>Century Aluminum Co. filed its Q1 2024 10-Q report</b>, detailing financial performance and operational status.
AI Summary
CENTURY ALUMINUM CO (CENX) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Century Aluminum Co. reported financial results for the first quarter ended March 31, 2024. The filing is a 10-Q, indicating a quarterly report. The company's principal business is the primary production of aluminum. The filing covers the period from January 1, 2024, to March 31, 2024. The company is incorporated in Delaware and headquartered in Chicago, IL.
Why It Matters
For investors and stakeholders tracking CENTURY ALUMINUM CO, this filing contains several important signals. This 10-Q provides investors with an update on Century Aluminum's financial health and operational performance for the first quarter of 2024. Understanding the details within this filing is crucial for assessing the company's current standing and future prospects in the aluminum market.
Risk Assessment
Risk Level: — CENTURY ALUMINUM CO shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) for a publicly traded company, which inherently carries medium risk due to the dynamic nature of the aluminum market and operational factors.
Analyst Insight
Review the detailed financial statements and management discussion within the 10-Q to understand Century Aluminum's performance drivers and any emerging risks or opportunities.
Key Numbers
- 2024-03-31 — Reporting Period End Date (Quarterly report)
- 2024-05-01 — Filing Date (10-Q filing)
- 3334 — Standard Industrial Classification (Primary Production of Aluminum)
Key Players & Entities
- CENTURY ALUMINUM CO (company) — Filer name
- CENX (company) — Ticker symbol
- 10-Q (regulator) — Form type
- 20240331 (date) — Reporting period end date
- 20240501 (date) — Filing date
- Chicago, IL (location) — Business address city and state
- DE (location) — State of incorporation
FAQ
When did CENTURY ALUMINUM CO file this 10-Q?
CENTURY ALUMINUM CO filed this Quarterly Report (10-Q) with the SEC on May 1, 2024.
What is a 10-Q filing?
A 10-Q is a quarterly financial report with unaudited financials, management discussion, and interim business updates. This particular 10-Q was filed by CENTURY ALUMINUM CO (CENX).
Where can I read the original 10-Q filing from CENTURY ALUMINUM CO?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by CENTURY ALUMINUM CO.
What are the key takeaways from CENTURY ALUMINUM CO's 10-Q?
CENTURY ALUMINUM CO filed this 10-Q on May 1, 2024. Key takeaways: Century Aluminum Co. reported financial results for the first quarter ended March 31, 2024.. The filing is a 10-Q, indicating a quarterly report.. The company's principal business is the primary production of aluminum..
Is CENTURY ALUMINUM CO a risky investment based on this filing?
Based on this 10-Q, CENTURY ALUMINUM CO presents a moderate-risk profile. The filing is a standard quarterly report (10-Q) for a publicly traded company, which inherently carries medium risk due to the dynamic nature of the aluminum market and operational factors.
What should investors do after reading CENTURY ALUMINUM CO's 10-Q?
Review the detailed financial statements and management discussion within the 10-Q to understand Century Aluminum's performance drivers and any emerging risks or opportunities. The overall sentiment from this filing is neutral.
How does CENTURY ALUMINUM CO compare to its industry peers?
Century Aluminum Company operates in the primary production of aluminum, a sector subject to global commodity prices and energy costs.
Are there regulatory concerns for CENTURY ALUMINUM CO?
The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).
Industry Context
Century Aluminum Company operates in the primary production of aluminum, a sector subject to global commodity prices and energy costs.
Regulatory Implications
The company is subject to SEC regulations for public filings, including the requirement to submit quarterly reports (10-Q).
What Investors Should Do
- Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
- Review any disclosed risk factors or management commentary regarding market conditions or operational challenges.
- Compare key financial metrics to previous periods to identify trends.
Key Dates
- 2024-03-31: Quarter End — End of the reporting period for the 10-Q
- 2024-05-01: Filing Date — Date the 10-Q was filed with the SEC
Year-Over-Year Comparison
This is the Q1 2024 10-Q filing, providing an update from the previous fiscal year-end report (likely a 10-K) and the Q4 2023 10-Q.
Filing Stats: 4,729 words · 19 min read · ~16 pages · Grade level 8.8 · Accepted 2024-05-01 08:02:56
Key Financial Figures
- $0.01 — nge on which registered: Common Stock, $0.01 par value per share CENX Nasdaq Stock M
Filing Documents
- cenx-20240331.htm (10-Q) — 1102KB
- a20240331q1ex311.htm (EX-31.1) — 11KB
- a20240331q1ex312.htm (EX-31.2) — 11KB
- a20240331q1ex321.htm (EX-32.1) — 6KB
- a20240331q1ex322.htm (EX-32.2) — 6KB
- cenx-20240331_g1.jpg (GRAPHIC) — 8KB
- 0000949157-24-000046.txt ( ) — 6966KB
- cenx-20240331.xsd (EX-101.SCH) — 47KB
- cenx-20240331_cal.xml (EX-101.CAL) — 80KB
- cenx-20240331_def.xml (EX-101.DEF) — 338KB
- cenx-20240331_lab.xml (EX-101.LAB) — 645KB
- cenx-20240331_pre.xml (EX-101.PRE) — 473KB
- cenx-20240331_htm.xml (XML) — 887KB
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements 4
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 27
Quantitative and Qualitative Disclosures about Market Risk
Item 3. Quantitative and Qualitative Disclosures about Market Risk 37
Controls and Procedures
Item 4. Controls and Procedures 40
- OTHER INFORMATION
PART II - OTHER INFORMATION
Legal Proceedings
Item 1. Legal Proceedings 41
Risk Factors
Item 1A. Risk Factors 41
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41
Other Information
Item 5. Other Information 42
Exhibits
Item 6. Exhibits 43
SIGNATURES
SIGNATURES 44 3 Table of Contents
– FINANCIAL INFORMATION
PART I – FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements CENTURY ALUMINUM COMPANY CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (Unaudited) Three months ended March 31, 2024 2023 NET SALES: Related parties $ 315.0 $ 412.2 Other customers 174.5 140.2 Total net sales 489.5 552.4 Cost of goods sold 473.0 504.3 Gross profit 16.5 48.1 Selling, general and administrative expenses 14.1 13.4 Other operating expense - net 0.5 7.2 Operating income 1.9 27.5 Interest expense - affiliates ( 1.8 ) — Interest expense ( 7.4 ) ( 8.7 ) Interest income 0.7 0.3 Net gain (loss) on forward and derivative contracts 7.4 ( 57.6 ) Bargain purchase gain 245.9 — Other loss - net ( 1.5 ) ( 0.3 ) Income (loss) before income taxes 245.2 ( 38.8 ) Income tax (expense) benefit ( 0.5 ) 0.2 Net income (loss) 244.7 ( 38.6 ) Net loss attributable to noncontrolling interests ( 2.1 ) — Net income (loss) attributable to Century stockholders 246.8 ( 38.6 ) Less: net income allocated to participating securities 13.2 — Net income (loss) allocated to common stockholders $ 233.6 $ ( 38.6 ) INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE: Basic $ 2.52 $ ( 0.42 ) Diluted 2.26 ( 0.42 ) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING: Basic 92.7 92.3 Diluted 98.7 92.3 See Condensed Notes to the Consolidated Financial Statements 4 Table of Contents CENTURY ALUMINUM COMPANY CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in millions) (Unaudited) Three months ended March 31, 2024 2023 Comprehensive income (loss): Net income (loss) $ 244.7 $ ( 38.6 ) Other comprehensive (loss) income before income tax effect: Net loss on foreign currency cash flow hedges reclassified as income ( 0.1 ) ( 0.1 ) Defined benefit plans and other postretirement benefits: Net loss arising during the period ( 3.4 ) — Amortization of prior service cost during the period 0.1 — Amortization of net gain during the period 1.7 1.2 Other comprehensive (loss) inco