The following is a summary of the Century Aluminum Company (CENX) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Century Aluminum reported an adjusted EBITDA of $25 million driven by strong operational performance.

• Despite reduced realized prices, the company achieved $490 million in net sales.

• The first quarter saw the finalization of Jamalco acquisition accounting with a recorded bargain purchase gain of $246 million.

• Estimated Q2 EBITDA is expected to range between $25 million to $35 million.

• Energy curtailment affected Q1 financial performance, however, this issue is expected to be resolved in Q2.

• An anticipated Q2 expense is a $10 million cost due to pot relining.

• Preliminary estimates for Q2 results lie in the range of $75 million to $85 million due to increased LME prices and lagging customer volumes.

• The company is prioritizing debt reduction to strengthen their balance sheet.

Business Progress:

• Significant progress was made in Q1 with the launch of new initiatives including the construction of a new secondary billet casthouse and a green aluminum smelter.

• The size of the existing U.S. industry is expected to nearly double with the construction of the smelter.

• Operations across smelters remained efficient despite energy restrictions.

• The company is focused on advancing large projects including a green aluminum smelter and a new casthouse.

• The company plans to make an investment decision for the casthouse project in Q2 and Q3 and anticipates minimal cash input requirements in 2024.

• Progress is being made in the selection of a site for the green smelter project and securing an energy contract, with total capital expenditure expected to reach the multibillion-dollar range.

• A strategical focus is placed on filling the expanding US market with production.

• Normal operations are anticipated for the Jamalco plant in Q2 with possible restart of the Mt. Holly plant.

More details: Century Aluminum IR

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