Century Aluminum Files Q3 2024 10-Q

TL;DR

CENX filed its Q3 10-Q. Check financials.

AI Summary

Century Aluminum Company filed its quarterly report on Form 10-Q for the period ending September 30, 2024. The company, incorporated in Delaware and headquartered in Chicago, IL, is primarily engaged in the production of aluminum. Its common stock trades on the Nasdaq under the ticker CENX.

Why It Matters

This filing provides investors with an update on Century Aluminum's financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing financial information, not indicating immediate significant risk.

Key Numbers

• 001-34474 — Commission File Number (Identifies the company's filing with the SEC.)
• 0000949157-24-000093 — Accession Number (Unique identifier for this specific SEC filing.)

Key Players & Entities

• CENTURY ALUMINUM CO (company) — Registrant
• 001-34474 (company) — Commission file number
• CENX (company) — Trading Symbol
• Nasdaq (company) — Exchange
• September 30, 2024 (date) — Quarterly period end date
• 20241104 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share CENX Nasdaq Stock M
• $1 — e purchase price of the acquisition was $1.00, primarily due to the seller experie
• $245.9 million — presented as a bargain purchase gain of $245.9 million recognized within the Consolidated Stat
• $29.0 million — lue of property, plant and equipment by $29.0 million. This reduction in value of property pl
• $273.4 million — e and per share amounts) (Unaudited) $273.4 million as of December 31, 2023 to $245.9 milli
• $2.7 million — ed curtailment charges of approximately $2.7 million and $5.0 million, respectively. These c
• $5.0 m — arges of approximately $2.7 million and $5.0 million, respectively. These charges were
• $0.5 million — related to scrap and materials sales of $0.5 million for the nine months ended September 30,
• $2.0 million — ed curtailment charges of approximately $2.0 million and $13.4 million, including $0.0 milli
• $13.4 m — arges of approximately $2.0 million and $13.4 million, including $0.0 million and $9.0
• $0.0 million — .0 million and $13.4 million, including $0.0 million and $9.0 million related to demand capa
• $9.0 million — 3.4 million, including $0.0 million and $9.0 million related to demand capacity charges for
• $1.2 million — and materials sales of $0.0 million and $1.2 million for the three and nine months ended Sep
• $90.0 million — ngen may borrow from time to time up to $90.0 million in one or more loans at either (i) a fi

Filing Documents

• a20240930q310-q.htm (10-Q) — 1155KB
• a20240930q3ex101.htm (EX-10.1) — 50KB
• a20240930q3ex3111.htm (EX-31.1) — 11KB
• a20240930q3ex3121.htm (EX-31.2) — 11KB
• a20240930q3ex3211.htm (EX-32.1) — 6KB
• a20240930q3ex3221.htm (EX-32.2) — 6KB
• centuryheaderlogoa49a.jpg (GRAPHIC) — 8KB
• 0000949157-24-000093.txt ( ) — 1250KB

- 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 33

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 43

Controls and Procedures

Item 4. Controls and Procedures 46

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 47

Risk Factors

Item 1A. Risk Factors 47

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47

Other Information

Item 5. Other Information 48

Exhibits

Item 6. Exhibits 49

SIGNATURES

SIGNATURES 50 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 September 30, Nine months Ended September 30, 2024 2023 2024 2023 NET SALES Related parties $ 332.1 $ 400.9 $ 971.3 $ 1,240.3 Other customers 207.0 144.3 618.1 432.8 Total net sales 539.1 545.2 1,589.4 1,673.1 Cost of goods sold 457.3 556.7 1,470.7 1,620.6 Gross profit (loss) 81.8 (11.5) 118.7 52.5 Selling, general and administrative expenses 15.6 10.8 42.0 36.2 Other operating expense - net 2.4 1.9 4.6 13.7 Operating income (loss) 63.8 (24.2) 72.1 2.6 Interest expense (11.9) (9.2) (31.4) (26.6) Interest income 0.4 0.4 1.7 1.1 Net loss on forward and derivative contracts (4.0) (25.2) (0.6) (73.7) Bargain purchase gain — — 245.9 — Other income (loss) - net (4.0) 1.3 (4.4) (2.5) Income (loss) before income taxes 44.3 (56.9) 283.3 (99.1) Income tax (expense) benefit (2.0) 11.0 (3.0) 21.2 Net income (loss) 42.3 (45.9) 280.3 (77.9) Net loss attributable to noncontrolling interests (5.0) (3.9) (11.3) (4.8) Net income (loss) attributable to Century stockholders 47.3 (42.0) 291.6 (73.1) Less net income allocated to participating securities 2.5 — 15.5 — Net income (loss) allocated to common stockholders $ 44.8 $ (42.0) $ 276.1 $ (73.1) NET INCOME (LOSS) ATTRIBUTABLE TO CENTURY STOCKHOLDERS PER COMMON SHARE Basic $ 0.48 $ (0.45) $ 2.98 $ (0.79) Diluted 0.46 (0.45) 2.83 (0.79) WEIGHTED AVERAGE COMMON SHARES OUTSTANDING Basic 92.8 92.4 92.7 92.4 Diluted 98.4 92.4 98.8 92.4 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 September 30, Nine months ended September 30, 2024 2023 2024 2023 Comprehensive income (loss) Net income (loss) $ 42.3 $ (45.9) $ 280.3 $ (77.9) Other comprehensive income (loss) before incom

View Full Filing

View this 10-Q filing on SEC EDGAR